Homework Answers
Neither A nor B above
Option ;D is answer
Major programs selected for audit must equal 50% or more of federal expenditures, unless the organization is deemed to be low risk. An auditor is expected to express an opinion on all matters irrespective of size of Program. Auditor uses Risk-based approach during the audit.
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urity rity rity ho 1 C) The auditor IS HU internal controls. D) All of the...
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B...
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B above. Which of the following is true regarding the Single Audit Act and its amendments? 13. A) All governmental entities with expenditures of federal funds in excess of $750,000 must have a single audit, if more than one program exists. B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk. C)...
1. Which of the following is not true regarding the Single Audit Act and its amendments?...
1. Which of the following is not true regarding the Single Audit Act and its amendments? A) Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance. B) Smaller entities report to oversight agencies, typically the agency providing more funding than any other agency. C) The auditor is not required to test internal controls to gain an understanding of internal controls. D) All of the above are true.
1. During the audit of assets, an internal auditor believes that several items were classified as...
1. During the audit of assets, an internal auditor believes that several items were classified as assets when they should have been classified as expenses. To whom should the internal auditor report these concerns to? a.Discuss the matter with the chief audit executive b. Discuss the matter with senior management to determine if the classifications are correct. c. Consult with legal counsel for advice. d. Discuss the matter with the general accountant who classified the transactions 2. Internal auditors can...
1) According to the IPPF, an internal auditor assigned to an audit engagement: A) Must be an...
1) According to the IPPF, an internal auditor assigned to an audit engagement: A) Must be an expert in the area being audited B) Is responsible for detecting fraud C) Must be proficient and exercise due professional care D) Must be a Certified Internal Auditor E) All of the above 2) Internal auditing needs to consider risk in A) Developing the annual audit plan B) Conducting audit engagements C) Providing assurance to the board on the effectiveness of risk management processes D) All of the above E) None of the...
1) An internal auditor plans to conduct an audit of the adequacy of controls over investments...
1) An internal auditor plans to conduct an audit of the adequacy of controls over investments in new financial instruments. Which of the following would NOT be required as part of such an engagement: a. Determine if policies exist that describe the risks the treasury may take and the types of instrument in which the treasurer may make investments. b. Determine the extent of management oversight over investments in sophisticated instruments. c. Determine whether the treasure is getting higher or lower...
1. The Sarbanes-Oxley Act requires: A. all public companies to issue an internal control report. B....
1. The Sarbanes-Oxley Act requires: A. all public companies to issue an internal control report. B. all public companies to define adequate internal controls. C. the auditor of public companies to design effective ICFR. D. provides for all three of the above. 2. When planning an audit, the auditor's assessed level of control risk is: A. determined by using actuarial tables. B. calculated by using the audit risk model. C. an economic issue, trading off the costs of testing controls...
In the audit of a non-public company, when might an auditor decide not to test internal...
In the audit of a non-public company, when might an auditor decide not to test internal controls? a. it is more cost effective to test ending account balances b. the controls are not operating effectively c. assessment of control risk is high d. all of the above
In the audit of a non-public company, when might an auditor decide not to test internal...
In the audit of a non-public company, when might an auditor decide not to test internal controls? a. It is more cost effective to test ending account balances b. The controls are not operating effectively c. Assessment of control risk is high d. All of the above
Multiple Choice Questions!! Please choose the correct answers wisely. 1) During the audit the independent auditor...
Multiple Choice Questions!! Please choose the correct answers wisely. 1) During the audit the independent auditor identified the existence of a weakness in the client's internal control and communicated this finding in writing to the client's senior management and those charged with governance. The auditor should : a) Consider the weakness a scope limitation and therefore disclaim an opinion. b) Suspend all audit activities pending directions from the client's audit committee. c) Withdraw from the engagement. d) Consider the effects...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial...
1.Which of the following statements is TRUE: i) Internal audit’s role is to assess if financial statements are true and fair ii)External auditors are responsible for the identification of all fraud iii)Internal auditors report their audit opinions to shareholders a)i and ii only b)i and iii only c)ii and iii d)None of the above 2.Ruby, an external auditor, has been asked by the Finance Director of Aberdeen Ltd. if she will be the company’s external auditor. Before agreeing to the...
B) An auditor I9 IL C) Both A and B above. D) Neither A nor B above. Which of the following is true regarding the Single Audit Act and its amendments? 13. A) All governmental entities with expenditures of federal funds in excess of $750,000 must have a single audit, if more than one program exists. B) An audit must be designed to cover 25 percent of federal funds expended, unless the organization is deemed to be low risk. C)...
1. Which of the following is not true regarding the Single Audit Act and its amendments? A) Governments and not-for-profit organizations that exceed $50 million in federal awards are normally assigned a cognizant agency to provide guidance. B) Smaller entities report to oversight agencies, typically the agency providing more funding than any other agency. C) The auditor is not required to test internal controls to gain an understanding of internal controls. D) All of the above are true.
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