I have attached options for types of auditors.
Homework Answers
|
Item number |
Type of audit |
Type of auditor |
|
A |
Operational |
government |
|
B |
Financial statement |
external |
|
C |
internal control, compliance, and/or operational |
internal and external internal or external |
|
D |
Forensic |
internal, external or forensic |
|
E |
Operational |
government, external or internal |
|
F |
Operational |
internal and external internal or external |
|
G |
Compliance |
government |
|
h |
Compliance and/or forensic audit |
government, external or forensic |
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I have attached options for types of auditors.
Audits can be categorized into five types: (1)...
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In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
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...
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs...
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs them. must be CPAs. generally report to the accounting department. are employed by all types of organizations. QUESTION 12 0.1 points Save Answer An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? compliance audit operational audit financial statement audit O production audit QUESTION 13 0.1 points Save Answer Most public...
2. Which one of the following types of audits would be most likely to focus on...
2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of resources? a. Operational audit b. Independent audit c. Compliance audit d. Information systems audit 3. Which of the following is a reason for independent checks? a. To assess an employee and determine whether he or she is following control procedures b. To detect and correct errors and misappropriation of assets c. To ensure that mistakes can be...
Can you answer these questions? Thank you doo The organization that is responsible for providing oversight...
Can you answer these questions? Thank you
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LO 1-3, 6 1-36. For the purposes of this problem, assume the existence of five auditors:...
LO 1-3, 6 1-36. For the purposes of this problem, assume the existence of five auditors: CPA, GAO, IRS, bank examiner, and internal auditor. Also assume that the work of these various auditors can be grouped into five classifications: audits of financial statements, compliance audits operational audits, accounting services, and consulting services. For each of the following topics, you are to state the type of auditor most probably involved. Also identify the topic with one of the above classes of...
3) Role of internal audit function 30 Chapter 1: Auditing and Internal Contrel Management ii External...
3) Role of internal audit function
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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...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
In the normal course of performing their responsibilities, auditors often conduct audits or reviews of the items listed below. Requirements a. For the 12 examples, state the most likely type of auditor (CPA, GAO, IRS, or internal to perform each. b. In each example, state the type of audit (financial statement audit, operational audit, or compliance audit). (450) coa) ca Start with example 1. through 5. and (a) identify the most likely type of auditor (CPA, GAO, IRS, or internal)...
QUESTION 11 0.1 points Save Answer Internal auditors must be independent of the entity that employs them. must be CPAs. generally report to the accounting department. are employed by all types of organizations. QUESTION 12 0.1 points Save Answer An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit? compliance audit operational audit financial statement audit O production audit QUESTION 13 0.1 points Save Answer Most public...
2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of resources? a. Operational audit b. Independent audit c. Compliance audit d. Information systems audit 3. Which of the following is a reason for independent checks? a. To assess an employee and determine whether he or she is following control procedures b. To detect and correct errors and misappropriation of assets c. To ensure that mistakes can be...
Can you answer these questions? Thank you
doo The organization that is responsible for providing oversight for auditors of public companies is called the Auditing Standards Board. American Institute of Certified Public Accountants. Public Oversight Board. Public Company Accounting Oversight Board. deos The Sarbanes-Oxley Act applies to which of the following companies? All companies. Privately held companies. Public companies. All public companies and privately held companies with assets greater than $500 million. 3. déos An operational audit has as one...
LO 1-3, 6 1-36. For the purposes of this problem, assume the existence of five auditors: CPA, GAO, IRS, bank examiner, and internal auditor. Also assume that the work of these various auditors can be grouped into five classifications: audits of financial statements, compliance audits operational audits, accounting services, and consulting services. For each of the following topics, you are to state the type of auditor most probably involved. Also identify the topic with one of the above classes of...
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...
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...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
Attached are examples of audit procedures performed by the auditor. REQUIRED: For each of the audit procedures attached, indicate the type of audit evidence being obtained by the auditor. Choose your answer from the list below, selecting the best choice for the procedure TYPES OF AUDIT EVIDENCE Inspection of Documents--Tracing 2) Inspection of Documents--Vouching 3) Inspection of Documents-Scanning 4) Physical Inspection 5) Observation 6) Inquiry 7) Confirmation 8) Recalculation C9) Reperformance 10) Analytical Procedures EXAMPLES OF AUDIT PROCEDURES PERFORMED BY...
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