Question

Which one of the following is not a major difference between operational and financial auditing? inclusion...

Which one of the following is not a major difference between operational and financial auditing?

inclusion of nonfinancial areas

testing the effectiveness of internal controls

distribution of the report

purpose of the audit

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer : testing the effectiveness of internal controls.

Explanation:

Major difference between operational and financial auditing includes :- purpose of the audit , distribution of the report & inclusion of non financial areas.  

Add a comment
Know the answer?
Add Answer to:
Which one of the following is not a major difference between operational and financial auditing? inclusion...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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
  • What is accounting What is auditing What is attestation The roles SEC, PCAOB, AICPA and ASB...

    What is accounting What is auditing What is attestation The roles SEC, PCAOB, AICPA and ASB The differences between operational audit, compliance audit, financial statements audit The difference between information and business risk The AICPA principles and their subcategories What are the SASs and their purpose The difference between S-1, 8-K, 10-K, and 10-Q If an auditor of a public company cannot find guidance issued by the PCAOB, where should (s)he look for guidance Possible organizational structures for CPA firms...

  • 1.Which of the following is not one of the steps the auditor must perform to assess...

    1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...

  • Which of the following services to audit clients are not prohibited by the PCAOB? Select one:...

    Which of the following services to audit clients are not prohibited by the PCAOB? Select one: a. Legal services and expert services unrelated to auditing b. Bookkeeping c. Internal audit outsourcing services d. Agreed-upon procedures services Which of the following statements is not correct? Select one: a. Financial audits determine whether the financial statements fairly present the entity's operations. b. Integrated audits include providing non-assurance services on both the financial statements and the effectiveness of internal control over financial reporting....

  • Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation...

    Question 6 of 1010.0 Points Which costs have not increased for public companies related to implementation of Sarbanes-Oxley? A. Accounting staff salaries B. CEO salaries C. Audit costs Question 7 of 10 Which of the following is not one of the four specific responsibilities that PCAOB Auditing Standard No. 2 levies on company management? A. Accept responsibility for the effectiveness of the company’s internal control over financial reporting. B. Evaluate the effectiveness of the company’s internal control over financial reporting...

  • 27. The fundamental difference between internal and external auditing is that a. internal auditors represent the...

    27. The fundamental difference between internal and external auditing is that a. internal auditors represent the interests of the organization and external auditors represent outsiders b. internal auditors perform IT audits and external auditors perform financial statement audits c. internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits d. external auditors assist internal auditors but internal auditors cannot assist external auditors

  • auditing

    The Green N Clean Recycling Services (GCRS) receives cash payment for services, fees and recycled products. Cash is defined as payments made in liquid cash by debit or credit cards, and by cheques. Five GCRS are located within the state which covers many hundreds of kilometers, the largest of which also acts as the headquarters. The sites have the following controls in place to assure proper cash receipt, handling, depositing and recording.i.                    Payments are deposited within 24 hoursii.                  Payments are...

  • 1. Consider the following statements:      I. Financial statements are based on Generally Accepted Auditing Principles....

    1. Consider the following statements:      I. Financial statements are based on Generally Accepted Auditing Principles.     II. Auditing standards issued by the AICPA’s Auditing Standards Board must be followed on all audits         of companies' financial statements in the United States of America.       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. Considering the demand...

  • which is the correct order for the following steps in a financial statement audit to occur?...

    which is the correct order for the following steps in a financial statement audit to occur? a. Issue the audit report; perform subtractive testing: review the internal control system: evaluate management’s credentials. b. Preform substantive testing: evaluate management’s credentials: review the internal control system: Issue the audit report; c. review the internal control system: valuate management’s credentials: Issue the audit report;: Preform substantive testing: d. evaluate management’s credentials: review the internal control system: Preform substantive testing: Issue the audit report

  • 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...

  • A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the...

    A. Provide your answers to the following questions regarding internal auditing and sampling 1. List the steps involved in attribute sampling. 2. What is meant by "sampling risks" and what is its impact on audit findings? 3. Identify and define the factors that affect the size of an attribute sample. 4.  Explain how the purpose of statistical sampling in tests of monetary values differ from the purpose of statistical sampling in tests of control activities. B. Discuss a situation within Payroll...

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