The internal auditors are likely to perform the following traditional functions except:
The internal auditors are likely to perform the following traditional functions except:
Business process improvement
Forensic accounting
Transaction auditing
Internal control evaluation
Homework Answers
answer is option b) forensic accounting
Forensic accounting is done by forensic accountant.It helps to find out whether a crime has been committed
all other three are performed by internal auditor
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The internal auditors are likely to perform the following traditional functions except:
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: b. internal...
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: 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 a. auditors assist internal auditors but internal auditors cannot assist external auditors 13. Which of the following is not an objective...
7. Discuss the following types of Auditors: a. Auditors Working for CPA Firms b. Governmental Auditors...
7. Discuss the following types of Auditors: a. Auditors Working for CPA Firms b. Governmental Auditors (e.g. GAO, IRS, health inspectors) C. Internal Auditors 8. Identify the roles CPA firms play in society. 9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits. 10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)? 11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS) 12. What...
I have attached options for types of auditors. Audits can be categorized into five types: (1)...
I have attached options for types of auditors.
Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) forensic audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or forensic audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government...
QUESTION 3 Monitoring internal control systems is the primary responsibility of the: Internal auditors External auditors...
QUESTION 3 Monitoring internal control systems is the primary responsibility of the: Internal auditors External auditors Board of Directors Senior management QUESTION 4 Which of the following elements of an organization requires people to be accountable to superiors? Common goal or purpose Hierarchy of authority Coordination of effort Division of labor QUESTION 5 The flows of raw materials, components, finished goods, services, or information through intermediaries to ultimate consumers occur across the functions in an organization’s or separate organization’s: Integrated...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
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...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company con...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
need all the answers just answers 6. Analytical procedures are most likely to detect: a. Weaknesses...
need all the answers just answers
6. Analytical procedures are most likely to detect: a. Weaknesses of a material nature in internal control b. Unusual transactions. c. Noncompliance with prescribed control activities, d. Improper separation of accounting and other financial duties. able 7. Wecepting an balance statement unting sieni managem 7. Which of the following should the auditors obtain from the predecessor auditors before accepting an audit engagement? a. Analysis of balance sheet accounts. b. Analysis of income statement accounts...
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...
12. The fund internal auditors represent the interests of the organization and external auditors represent outsiders amental difference between internal and external auditing is that: 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 a. auditors assist internal auditors but internal auditors cannot assist external auditors 13. Which of the following is not an objective...
7. Discuss the following types of Auditors: a. Auditors Working for CPA Firms b. Governmental Auditors (e.g. GAO, IRS, health inspectors) C. Internal Auditors 8. Identify the roles CPA firms play in society. 9. Briefly explain Sarbanes-Oxley (SOX) and the role the Securities and Exchange Commission (SEC) plays in regulating audits. 10. What is the role of the AICPA? The PCAOB? The Institute of Internal Auditors (IIA)? 11. Summarize the 10 components of Generally Accepted Auditing Standards (GAAS) 12. What...
I have attached options for types of auditors.
Audits can be categorized into five types: (1) financial statement audits, (2) audits of internal control, (3) compliance audits, (4) operational audits, and (5) forensic audits. Required: For each of the following descriptions, indicate which type of audit (financial statement audit, audit of internal control, compliance audit, operational audit, or forensic audit) best characterizes the nature of the audit being conducted. Also indicate which type of auditor (external auditor, internal auditor, government...
10. Which of the following describes the environment in internal control? A) Internal auditors monitor company controls to safeguard assets, and external auditors Page 2 of 4 monitor the controls to ensure that the accounting records are accurate, B) The environment is the "tone at the top of the business. C) The environment is designed to ensure that the business earns profit. D) A company must identify its risks 11. Rearranging plain-text messages by a mathematical process is known as...
19) Which of the following illustrates the internal control procedure-separation of duties? A) External auditors will monitor internal controls. B) Electronic devices must be installed to reduce theft. C) Cashiers must not have access to accounting records. D) The invoices and other documents must be pre-numbered.
need all the answers just answers
6. Analytical procedures are most likely to detect: a. Weaknesses of a material nature in internal control b. Unusual transactions. c. Noncompliance with prescribed control activities, d. Improper separation of accounting and other financial duties. able 7. Wecepting an balance statement unting sieni managem 7. Which of the following should the auditors obtain from the predecessor auditors before accepting an audit engagement? a. Analysis of balance sheet accounts. b. Analysis of income statement accounts...
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