Compare and contrast the roles of the internal auditor and independent auditor? What must the independent...
Compare and contrast the roles of the internal auditor and independent auditor? What must the independent auditor include the audit report?
Homework Answers
Internal Auditor
Internal Auditor is the employee of the company and report to the director/CEO. His responsibility is to develop internal control system to safeguard company's assets.
Independent Auditor
Independent auditors is appointed to do a special task of audit of financial statements, they are not an employee of the company. They reports to the shareholders of the company. They provide their opinion on the financial statements that it is true and fair and there is no material misstatement.
Audit report
Audit report of an independent auditor must contain seven parts:
1. Report title
2. Introductory paragraph
3. Scope paragraph
4. Executive Summary
5. Opinion paragraph
6. Auditors name
7. Auditors signature
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Compare and contrast the roles of the internal auditor and independent auditor? What must the independent...
Question 3 mpoort to (a) Compare and contrast the roles of an internal auditor and an...
Question 3 mpoort to (a) Compare and contrast the roles of an internal auditor and an external auditor (8 marks) d be a tion, Coffee Plc, operates a national network of bars selling drinks and serving food to the ach bar is run by a full-time manager who employs a number of part-time staff to serve (b] Your organiza general public. E drinks and to prepare and serve food You are the Chief Internal Auditor for Coffee Plc and operate...
a) According to the IIA the ‘Internal auditor should develop and record a plan for each...
a) According to the IIA the ‘Internal auditor should develop and record a plan for each engagement, including the scope , objectives, timing and resource allocation." The same can be said about the EA (external auditor). Compare and contrast engagement planning for the IA and EA. How does the control environment relate to engagement planning? Also what role does SOX have on the control environment and audit planning? b) Do you think internal auditors can ever be truly independent, since...
An independent auditor is issuing an audit report for a governmental entity and plans to issue...
An independent auditor is issuing an audit report for a governmental entity and plans to issue separate reports on internal control over financial reporting and compliance with laws and regulations. The auditor should do which of the following? Group of answer choices Report to the governing authority that separate reports will be issued. Issue the same opinion in each report. State in the audit report that separate reports will be issued. Obtain permission from the audit committee to issue separate...
a. What is the meaning of the rule that requires the auditor be independent? 1. The...
a. What is the meaning of the rule that requires the auditor be independent? 1. The auditor must be without bias with respect to the client under audit. 2. The auditor must adopt a critical attitude during the audit. 3. The auditor may have a direct ownership interest in the client's business if it is not material. 4. The auditor's sole obligation is to third parties.
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...
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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...
Question While performing an operations audit in a supplier's wholesale 15 outlets, an internal auditor comments...
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...
Question 3 mpoort to (a) Compare and contrast the roles of an internal auditor and an external auditor (8 marks) d be a tion, Coffee Plc, operates a national network of bars selling drinks and serving food to the ach bar is run by a full-time manager who employs a number of part-time staff to serve (b] Your organiza general public. E drinks and to prepare and serve food You are the Chief Internal Auditor for Coffee Plc and operate...
a. What is the meaning of the rule that requires the auditor be independent? 1. The auditor must be without bias with respect to the client under audit. 2. The auditor must adopt a critical attitude during the audit. 3. The auditor may have a direct ownership interest in the client's business if it is not material. 4. The auditor's sole obligation is to third parties.
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...
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...
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