1. Match either Internal Auditor or External Auditor to the appropriate statement below. A. Internal auditor...
1.
Match either Internal Auditor or External Auditor
to the appropriate statement below.
A. Internal auditor B. External auditor
|
. |
work for an outside audit firm |
|
. |
produces reports used by management |
|
. |
examine the financial records and issue an opinion regarding the financial statements of the company. |
|
. |
can be used to provide advice and other consulting assistance to employees |
|
. |
hired by the company |
|
. |
constrained from supporting an audit client too closely |
|
. |
do not have to be CPAs |
Homework Answers
Answer: Internal auditors helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes whereas an external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization.
- Work for an outside audit firm - External auditor
- Produces reports used by management - Internal auditor
- Examine the financial records and issue an opinion regarding the financial statements of the company. - External auditor
- Can be used to provide advice and other consulting assistance to employees - Internal auditor
- Hired by the company- External auditor
- Constrained from supporting an audit client too closely - External auditor
- Do not have to be CPAs - External auditor
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