Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 22MCQ
To determine

Introduction:Public Company Accounting Oversight Board (PCAOB) lays down the auditing and accounting standards which are to be followed by the public companies. It is a non-profit organization with an aim to safeguard the interests of various stakeholders; especially investors.

To identify:The statement that detersand detects fraud in financial reporting.

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For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards must have an audit committee with a minimum of three independent directors. b. The audit committee must have a written charter that addresses the committee's purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.
7) Compare and contrast between external audit and internal audit in the public sector. 8)The scope of public sector audit extends beyond that of private sector audit in a number of ways'. Discuss this statement. 9)Find the latest available Audit Report published on the website of the National Audit Department. Identify one issue raised by the Auditor General. Discuss this issue in class. You can use either Audit Report for Federal Government or any of the State governments. 1o) Identify international organisations related to audit in the public sector and briefly describe their functions
Which of the following groups is responsible for developing auditing standards for public firms in the U.S.?  A.  American Institution of Certified Public Accountant (AICPA)B.  Public Company Accounting Oversight Board (PCAOB)C.  Organizations for Economic Cooperation and Development (OECD)D.  Center for Audit Quality (CAQ)
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