State the way through which internal auditors achieve practical independence.

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Answer 1

Question

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

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Answer 2

Question

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

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Answer 3

Question

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

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Answer 4

Question

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

Answer 6

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.

Answer 7

Chapter D, Problem 1RC

To determine

State the way through which internal auditors achieve practical independence.

Answer 8

Expert Solution & Answer

Explanation of Solution

Internal Auditor:

An internal auditor is a qualified professional hired by an entity to provide an independent and decisive examination of financial and operational activities of the business entity.

Internal auditors attain independence when they are free from pressure or direction of managers during the conduct of the audit. To establish independence, some internal auditors report to the audit committees of the organization. This reduces management’s influence over audit scope and reporting.

An element that supports the internal audit department in ascertaining independence is an audit charter. It is approved by senior management and the board of directors provides:

An assurance from management to establish an independent and objective oriented audit organization.
A defined authority and liability of audit department.
A defined scope of the activities of the audit department.
Approval from department to perform audits, request materials, and acquire evidence.
The reporting and performance requirements for the audit department.