Homework Answers
Ans :- 1
Internal auditing is an independent, objective assurance and consulting activity.internal auditors perform audits to evaluate the components of independence and objectivity, systematic and discipline approach, helping the organization accomplish it's objectives.
so, the correct option is :- D
Ans :- 2
Assurance,insight, and objectivity comprises the value of proposition.
so, the correct option is :- D
Ans :- 3
Independent outside auditors provide financial reporting assurance service primarily for the benefit of the third parties e.g.investors , creditors etc.
so , the correct option is :- A
Ans :- 4
The overall responsibility of internal audit is to serve as an independent assurance and consulting activity designed to add value and improve the company's operations.
so, the correct option is :- A
Add Answer to:
7:58 4 1 E - MULTIPLE-CHOICE QUESTIONS AVY When .com with The Ca s tle a...
6) In the Three Lines of Defense Model, the primary responsibility for managing risks belongs to...
6) In the Three Lines of Defense Model, the primary responsibility for managing risks belongs to A) The CEO B) Internal auditing C) The risk management function D) Operational management E) The board of directors 7) Which of the following components of the IPPF is not considered to be mandatory? A) The Code of Ethics B) Definition of Internal Auditing C) Implementation Guidance D) Mission of Internal Auditing E) Standards 8) Which of the following best describes internal auditing’s primary purpose in reviewing the organization’s existing...
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...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
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...
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...
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...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
Principles of auditing ch 3 Dllal Match the term with the correct definition. Shareholders, Board of...
Principles of auditing
ch 3
Dllal Match the term with the correct definition. Shareholders, Board of Directors, or both Independent Auditor's Report States the auditor's opinion on the financial statements A. Opinion Paragraph Responsible for identifying all significant deficiencies in B. Standard Audit Report the design of internal controls C. Attestation Report Remained unchanged from 1949 to 1988 D. Introductory Paragraph A letter which includes the attestor's opinion E. Title of Auditor's Report Does not have generally accepted standards of...
Can you answer these questions? Thank you 13. cd so Generally Accepted Auditing Standards (GAAS) and...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
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...
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...
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...
5-1 -2 -4 545. Multiple Choice Questions Select the best answer for each of the following questions. Explain the reasons for your selection a. Which of the following is not a financial statement assertion made by management? (1) Existence of recorded assets and liabilities. (2) Completeness of recorded assets and liabilities. (3) Valuation of assets and liabilities. (4) Effectiveness of internal control b. Which of the following business characteristics is not indicative of high inherent risk? (1) Operating results that...
Principles of auditing
ch 3
Dllal Match the term with the correct definition. Shareholders, Board of Directors, or both Independent Auditor's Report States the auditor's opinion on the financial statements A. Opinion Paragraph Responsible for identifying all significant deficiencies in B. Standard Audit Report the design of internal controls C. Attestation Report Remained unchanged from 1949 to 1988 D. Introductory Paragraph A letter which includes the attestor's opinion E. Title of Auditor's Report Does not have generally accepted standards of...
Can you answer these questions? Thank you
13. cd so Generally Accepted Auditing Standards (GAAS) and Statements on Auditing Standards (SAS) should be looked upon by practitioners as: a. ideals to work towards, but which are not achievable. maximum standards that denote excellent work. c. minimum standards of performance that must be achieved on each audit engagement. benchmarks to be used on all audits, reviews, and compilations. 14. The auditor's judgment concerning the overall fairness of presentation of financial position,...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
Most questions answered within 3 hours.
-
The Foremost Composite Materials Company is planning a two-day
sales conference for October 19-20. The conference...
asked 6 minutes ago -
3) Illustrate the observed pattern of relatedness of organisms
versus adaptations to specific conditions. This means...
asked 23 minutes ago -
In winter a lake has a 0.35 m thick ice layer over 1.10 m of
water....
asked 1 hour ago -
Assuming the following has been encrypted with a Vigenere cipher
below, use the method(s) and assumptions...
asked 1 hour ago -
How would I use switch statements to write a program that will
take an input of...
asked 1 hour ago -
Imagine a reaction in which methane gas combusts at a constant
pressure of 1 atm and...
asked 1 hour ago -
Two parallel wires (each 12 m in length) are separated by a
distance of 0.065 m...
asked 1 hour ago -
Suppose there were three masses at the corner of uniform
equilateral triangle. The masses are m1...
asked 1 hour ago -
Situation: A building that is 618 m above the ground floor. How
many times would a...
asked 1 hour ago -
help me and discuss one successful and one
unsuccessful international company/busines in Indonesia.whyit
succeed and why...
asked 1 hour ago -
I- Choose the best answer
Which of the following statements about the structure and
packaging of...
asked 1 hour ago -
1. A sample of 144 incoming freshman found that 45 of them
scored more than 550...
asked 2 hours ago