what circumstances could cause impairment of internal audit function independence or internal auditor objectivity? How should an identified impairment be handled?
what circumstances could cause impairment of internal audit function independence or internal auditor objectivity? How should...
In which of the following circumstances does the internal auditor potentially lack objectivity? A revenue accounting employee assists an internal auditor in verifying the physical inventory of widgets. An internal auditor discusses a significant issue with the Division Manager to whom the auditee reports prior to drafting the audit report. An Accounts Payable supervisor performs a review of internal controls over the Accounts Payable function, three weeks after transferring to the internal audit department. An internal auditor recommends standards of...
What is the meaning of independence from the perspective of the
government auditor and why is independence so important? See the
article below to answer the question.
Independence The standard of independence covers both independence of mind and independence in appearance. Independence of mind concerns the state of mind that permits the auditor to audit without being affected by influences that may compromise professional judgment, thereby allowing the auditor to act with integrity, objectivity and professional skepticism. Independence in appearance...
What is auditor independence, and what is its significance to the audit profession? What is the difference between independence in appearance and independence in fact?
What is auditor independence, and what is its significance to the audit profession?
Question While performing an operations audit in a supplier's wholesale 15 outlets, an internal auditor comments favorably on a calendar provided free to favored customers illustrated with the Answer saved organization's products. The department manager offers the auditor several calendars to keep and distribute in the auditor's Marked out of 1.00 office. Which of the following responses best reflects the Standard's views of objectivity? PFlag question Select one: Oa. The auditor must refuse the gift and report the offer to...
For an organization that has implemented ERM, describe steps the internal audit function can take to initiate an ERM program without impairing the functions independence and/or objectivity. Internal auditing: Assurance & advisory services fourth addition Chapter four
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...
When creating an audit program and designing audit procedures, _ an auditor also decides how to select appropriate items for removal from the test sample. the auditors should defer sample selection to the internal auditors. an auditor also decides how to select appropriate items for testing. the auditors should consider use of the cheapest statistical selection methods possible, to lower the cost of the audit. Next Question 7 0.5 pts A representative audit sample is unlikely to provide a reasonable...
Discuss the various options for properly positioning an internal audit function within an organization and the related advantages and disadvantages for each identified option. What are the primary factors an organization should consider when establishing an effective internal audit function? Where should an effective internal audit function be positioned within an organization?
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...