Please identify as TRUR or FALSE. 1. Generally, the auditor may rely on the work of...
Please identify as TRUR or FALSE.
1. Generally, the auditor may rely on the work of an internal
auditor if the internal auditor is competent and objective.
2. COSO is the internal control framework that companies are to put into effect.
3. Internal control as defined by the COSO framework consists of five components, two of which are:
Control Activities and Monitoring of Controls
4. The audit risk model states that AR=RMMxDR. In this definition the auditor’sAssessment of RMM must consider the level of CR in applying the audit risk model.
Homework Answers
True and false
Answer :
1. Generally, the auditor may rely on the work of an internal auditor if the internal auditor is competent and objective. True
2. COSO is the internal control framework that companies are to put into effect. True
3. Internal control as defined by the COSO framework consists of five components, two of which are:
Control Activities and Monitoring of Controls True
4. The audit risk model states that AR=RMMxDR. In this definition the auditor’sAssessment of RMM must consider the level of CR in applying the audit risk model False
Add Answer to:
Please identify as TRUR or FALSE.
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