Homework Answers
| Option B is the answer | |
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Internal auditors are more concerned with what policies and procedures the company is based upon. Whereas the external auditors are interested more on the financial statements of the corporation |
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Internal auditors focus on external auditors are more concerned with O A. e-commerce; fraud O B....
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: b. internal...
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: b. internal auditors perform IT audits and external auditors perform financial statement audits c internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits d. external a. auditors assist internal auditors but internal auditors cannot assist external auditors 13. Which of the following is not an objective...
27. The fundamental difference between internal and external auditing is that a. internal auditors represent the...
27. The fundamental difference between internal and external auditing is that a. internal auditors represent the interests of the organization and external auditors represent outsiders b. internal auditors perform IT audits and external auditors perform financial statement audits c. internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits d. external auditors assist internal auditors but internal auditors cannot assist external auditors
e O Which of the following is not part of management's fraud risk assessment process? a....
e O Which of the following is not part of management's fraud risk assessment process? a. Fraud risk assessments serve as an important basis for determining the control activities needed to mitigate fraud risks. b. The assessment considers the role of the external auditor in preventing fraud. c. The assessment considers ways the fraud could occur d. The assessment considers pressures that might lead to fraud in the financial statements O
Thomburgh Thornburgh roport highlights several potential considerations pits and lessons leamed that internal auditors may confront...
Thomburgh Thornburgh roport highlights several potential considerations pits and lessons leamed that internal auditors may confront in the course of their work Which of the following is included in report Focus on substantive interaction between the internal audit personnel and the external autor. Strive for open communication between employees and the internal audit personnel Evaluate the actual financial statement fraud risk especially in organizations that may have an increased risk due to the complexity and dispersed nature of the company...
63 min 38 secs 3) The services provided by internal auditors do not include: audits of...
63 min 38 secs 3) The services provided by internal auditors do not include: audits of financial statements for security registration statements. review of control systems that ensure compliance with company policies, laws, and regulations review of effectiveness in achieving program results in comparison to pre-established objectives and goals. appraisals of the economy and efficiency of operations. Confirmations of accounts receivable provide the most evidence for which of the following assertions? Existence. Valuation or allocation. Rights and obligations. Completeness. When...
Question 31 In planning an audit, the internal auditor should design audit objectives and procedures to...
Question 31 In planning an audit, the internal auditor should design audit objectives and procedures to address the risk associated with the activity. Risk is defined as Answer saved Marked out of 1.00 P Flag question Select one: a. the failure to adhere to organizational policies, plans, and procedures, or not complying with relevant laws and regulations. O b. the failure to accomplish established objectives and goals for operations or programs. c. the risk that the balance or class of...
I have attached options for types of auditors. Audits can be categorized into five types: (1)...
I have attached options for types of auditors.
Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) forensic audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or forensic audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government...
1.PCAOB has oversight over external and internal auditors. A. True B. False 2. The primary objective...
1.PCAOB has oversight over external and internal auditors. A. True B. False 2. The primary objective of the PCAPB is to provide oversight over public companies that file their financials with the Securities and Exchange Commission A. True B. False 3. Auditing standards require that the firms have a system of quality controls to assure itself of compliance with auditing standards. A True B. False 4. An Auditors' opinion on internal controls over financial reporting is: A. As of the...
Chapter 7:Internal Control Question1: Because of the Inherent inconsistency of automated controls, auditors will test them...
Chapter 7:Internal Control Question1: Because of the Inherent inconsistency of automated controls, auditors will test them at various times in the year to determine their operating effectiveness. True False Question2: A correct response by management to an assessment of risk could include taking no action because the risk is consistent with the risk tolerance of the organization. True False Question3: A primary objective of procedures performed to obtain an understanding of internal control is to provide an auditor with Knowledge...
_______ is using computerized techniques to perpetually audit the processing of business transactions. Sampling Benchmarking Generalized...
_______ is using computerized techniques to perpetually audit the processing of business transactions. Sampling Benchmarking Generalized auditing Continuous auditing The internal audit activity should evaluate risk exposures relating to the organization’s governance, operations, and information systems regarding the Reliability and integrity of financial and operational information Effectiveness and efficiency of operations Compliance with laws, regulations, and contracts All of the above Internal audit can do little to help with the following risk A computer systems or network failure at one...
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: b. internal auditors perform IT audits and external auditors perform financial statement audits c internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits d. external a. auditors assist internal auditors but internal auditors cannot assist external auditors 13. Which of the following is not an objective...
e O Which of the following is not part of management's fraud risk assessment process? a. Fraud risk assessments serve as an important basis for determining the control activities needed to mitigate fraud risks. b. The assessment considers the role of the external auditor in preventing fraud. c. The assessment considers ways the fraud could occur d. The assessment considers pressures that might lead to fraud in the financial statements O
Thomburgh Thornburgh roport highlights several potential considerations pits and lessons leamed that internal auditors may confront in the course of their work Which of the following is included in report Focus on substantive interaction between the internal audit personnel and the external autor. Strive for open communication between employees and the internal audit personnel Evaluate the actual financial statement fraud risk especially in organizations that may have an increased risk due to the complexity and dispersed nature of the company...
63 min 38 secs 3) The services provided by internal auditors do not include: audits of financial statements for security registration statements. review of control systems that ensure compliance with company policies, laws, and regulations review of effectiveness in achieving program results in comparison to pre-established objectives and goals. appraisals of the economy and efficiency of operations. Confirmations of accounts receivable provide the most evidence for which of the following assertions? Existence. Valuation or allocation. Rights and obligations. Completeness. When...
Question 31 In planning an audit, the internal auditor should design audit objectives and procedures to address the risk associated with the activity. Risk is defined as Answer saved Marked out of 1.00 P Flag question Select one: a. the failure to adhere to organizational policies, plans, and procedures, or not complying with relevant laws and regulations. O b. the failure to accomplish established objectives and goals for operations or programs. c. the risk that the balance or class of...
I have attached options for types of auditors.
Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) forensic audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or forensic audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government...
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