ZuoTi.Pro
Question

U. Integrity 8. Which of the following statements is NOT true? A. Both internal and external auditors owe a duty of confidentiality to the company they are auditing Both internal and external auditors evaluate the internal control system of a company Both internal and external auditors are accountable to management Both internal and external auditors should be competent to perform their work C. D. 9. Which of the following is NOT an appropriate reason to outsource the internal audit function? A more independent internal audit would allow the external auditor to reduce their testing and therefore the audit cost. A. B. It is expensive to maintain an internal audit function and to recruit staff C. The entity might only need internal audit on a short term basis at certain times of the year D. The internal audit procedures required could be done in a small amount of time so full time employees might not be justified.

please help with question 9

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ommen

0 0
Add a comment
Know the answer?
Add Answer to:
please help with question 9 U. Integrity 8. Which of the following statements is NOT true?...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • 5. Which of the following is the most accurate definition of the concept of materiality? A....

    5. Which of the following is the most accurate definition of the concept of materiality? A. Information is material if it is greater than 5 to 10% of profit before tax B. Information is material if it is greater than 1 to 2% of total assets C. Information is material if is within a range of figures calculated by the auditor using figures from the draft financial statements at the planning stage Information is material if its misstatement or omission...

  • Question 1 (12 marks) Public accounting firms perform audits of financial statements. CAS 220, Quality Control...

    Question 1 (12 marks) Public accounting firms perform audits of financial statements. CAS 220, Quality Control for an Audit of Financial Statements addresses the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. All firms that perform audits must have standards for audit fieldwork and quality control procedures that must be followed by all staff performing an audit of financial statements. Required: i. Briefly outline the requirements for Quality Control for an Audit of...

  • 1. Consider the following statements:        I. Clearly trivial and not material are terms that can...

    1. Consider the following statements:        I. Clearly trivial and not material are terms that can be used interchangeably.       II. The higher the dollar amount of (performance) materiality the less audit evidence is required.       a. I is true;   II is true       b. I is true;   II is false       c. I is false; II is true       d. I is false; II is false 2. Consider the following statements:         I. Per auditing standards, the successor [new]...

  • Please help me with Question 5,6,7,8 and 9 Select the most appropriate alternative to complete the...

    Please help me with Question 5,6,7,8 and 9 Select the most appropriate alternative to complete the following sentence: A director who acts in a leadership position and abuses their position to gain an advantage for themselves would, according to the King IV Code of Corporate Governance, be an example of a person who lacks ... 1 integrity 2 competence 3 responsibility, 4 accountability To obtain a better understanding of internal control. literature asserts that internal control consists of five main...

  • 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...

  • Please help me with number 10,11,12,13,14,15,16,17 10. Indicate the most correct alternative to complete the following...

    Please help me with number 10,11,12,13,14,15,16,17 10. Indicate the most correct alternative to complete the following sentence: The omission of an amount in a report that would have changed how the reader would have reacted had the amount been included in the report, is an example of the auditing concept 1 materiality 2 assertions. 3 audit risk. 4 sufficient appropriate audit evidence. 11. Select the correct statement that exemplifies the audit term 'audit risk 1 Internal controls fail to adapt...

  • 1. Which of the following are the established criteria against which management's assertions are judged in...

    1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...

  • please help me with number 1,2,3,4,5,6,8and 9 QUESTION 1 1. Complete the following sentence: Tau (Pty)...

    please help me with number 1,2,3,4,5,6,8and 9 QUESTION 1 1. Complete the following sentence: Tau (Pty) Ltd is an example of a ... company. 1 private 2 state-owned 3 non-profit 2. 4 public Select the most appropriate alternative to complete the following sentence: In terms of the foundation stones of the King IV Code of Corporate Governance, concepts such as responsibility, accountability, fairness, etc. would be grouped under .. 1 ethical leadership. 2 corporate citizenship. sustainable development. 4 integrated thinking....

  • 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...

  • Principles of auditing Ch3 QUESTION 8 An auditor's report contains the following sentences:We did not audit...

    Principles of auditing Ch3 QUESTION 8 An auditor's report contains the following sentences:We did not audit the financial statements of B Company, a consolidated subsidiary, which statements reflect total assets and revenues constituting 20 percent and 22 percent, respectively, of the related consolidated totals. These statements were audited by other auditors, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for B Company, is based solely upon the report of the...

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