Question

YUVUSIVIT Answer saved In the final report for an audit of a clients procedures designed to meet the organizations goals fo

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Option A. The internal auditor follows up to ascertain that the client has implemented all recommendations

A follow up is needed because the measure of the effectiveness of the internal audit function is its success in achieving a high implementation rate of recommendations made.

Add a comment
Know the answer?
Add Answer to:
YUVUSIVIT Answer saved In the final report for an audit of a client's procedures designed to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 27 Not yet answered In the final report for an audit of a client's procedures...

    Question 27 Not yet answered In the final report for an audit of a client's procedures designed to meet the organization's goals for diversity percentages in the workforce, the internal auditor made several recommendations for changes in hiring and retention practices. As part of exercising due professional care, the auditor would follow up to assure which of the following actions by the client? Marked out of 1.00 P Flag question Select one: O a. The internal auditor follows up to...

  • These are more choices to choose from. John Josephs, an audit manager for Tip, Acanoe &...

    These are more choices to choose from. John Josephs, an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process to help small business owners better understand what auditors do. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the...

  • matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees...

    matching QUESTION 1 b. Attestation c. Audit Indicate the letter of the term that best agrees with the statement. Each term is used only once and each statement requires only one letter. Professional services where an auditor testifies as an expert witness Assurance services in accounting, auditing, or tax matters. • A list of audit procedures for testing accounts receivable. The auditor examines the effectiveness of organizations, programs, d. Performance Audit activities, or functions of an entity. e Compliance Audit...

  • 3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External...

    3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External auditor i Internal audit To whom should the Director of Internal Audits report. Explain your answer. Comment on the audit committee member's per- spective as to the committee's current composition. 3. Role of Internal Audit Function Nano Circuits Inc. is a publicly traded company that pro- duces electronic control circuits, which are used in many products. In an effort to comply with SOx, Nano...

  • FINAL CASE STUDY QUESTION IN AUDITING Q11-15 You are currently completing the audit of Erbilek Co...

    FINAL CASE STUDY QUESTION IN AUDITING Q11-15 You are currently completing the audit of Erbilek Co for the year ended 31 December 2018. It is planned that the financial statements will be approved on 18 March 2019 and the auditor’s report will be signed on that date. The financial statements will be issued on 5 April 2019. On 31 March 2019, you become aware that Erbilek Co’s major customer has ceased to trade. Audit documentation show that the customer’s account...

  • The following are independent situations for which you will recommend an appropriate audit report Subsequent to...

    The following are independent situations for which you will recommend an appropriate audit report Subsequent to the date of the financial statements as part of his post-balance sheet date audit procedures, a CPA learned that a recent fire caused heavy damage to one of a client's two plants; the loss will not be reimbursed by insurance. The newspapers described the event in detail. The financial statements and footnotes as prepared by the client did not disclose the loss caused by...

  • B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...

    B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...

  • auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does...

    auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...

  • Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...

    Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize differences between the reports (other than the name of Company, Audit Firm, Financial statement period covered). Note: 1. Each Company may have two audit reports (one opinion on financial statements and one for audit of internal controls) or the two opinions may be combined into one report. 2. You are not required to review the entire 10-K. Find the audit report in the 10-K...

  • Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee

    1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT