An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c. Composed of members of a company’s board of directors who are not involved in theday-to-day operations of the company.d. A committee composed of persons not associating in any way with the client or the boardof directors.

Q: Which of the following statements relating to accounting and auditing is incorrect? i) Accounting…

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Q: Internal auditors O a. are employees of the taxing authority who evaluate the internal controls of…

A: Internal Auditor : The Internal auditor is the employee of the company/entity, it means Internal…

Q: Which of the following are not the rights of the auditors? a) The right to all information and…

A: Option D none of the options given is the correct statement... All of the following are the rights…

Q: Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and…

A: Helps to prepare the financial statements of companies is not an obligation or duties of an…

Q: Set policies on internal control Both c) and e)

A: Answer - Set policies on internal control Both c) and e)

Q: 1-According to audit committee best practice, they should not a) Review the internal control system…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: type of the auditors

A: Audit of internal controls is done to ensure whether control function regarding each transaction is…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: It is true that audit committees are not directly involved in preparation of the financial reports…

Q: Which part of an annual report is audited by external auditors or independent auditors? Select one:…

A: The auditor is a personal who analyses the documents and inspect them for any error and provide any…

Q: $1: In addition to controls being specific, they may be broad, such as policies regarding code of…

A: Internal control is a process, put in place by an entity which is designed in such a way to provide…

Q: 47-Which of the following are not the rights of the auditors? a) The right to all information and…

A: An audit is an examination of the financial statement by an auditor to check whether the financial…

Q: It is the responsibility of the board of directors to: Ensure that the financial report is O…

A: The responsibilities of an auditor and the board of directors of a company differs with each others.…

Q: Who develops and implement policy on the engagement of the external auditor to supply non-audit…

A: External auditor is the person outside the organization, who performs the audit services for the…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: Pre-engagement activities of an audit include: Client acceptance or continuance procedures…

Q: If a nonissuer wants an accountant to perform an examination of its internal controls, the…

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Q: Comparing the Internal Auditors and External Auditors , which of the following is not true about…

A: Option C The Auditor is appointed by the management is incorrect statement since they are appointed…

Q: During a review of a nonissuer’s financial statements, accountants are required to make…

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Q: 18-from the options given below identify which of the following is not responsibility of management…

A: Answer

Q: What are some specific transactions that an auditor would expect to be approved by the board of…

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Q: Significant deficiencies in internal control are required to be reported a. Management of the unit…

A: A deficiency in internal control exists when the design or operation of a control does not allow…

Q: Which of the following is not True about External Auditors? i) External Audit is an audit function…

A: An external audit is an examination that is conducted by an independent accountant. This type of…

Q: Which of the following is not part of audit evidence? Information gathered by the auditors from…

A: Audit evidence means supportings or related documentation which proves truth about the financial…

Q: For which of the following matters should an auditor obtain written management representations?…

A: Solution: Auditor should obtain written management representations with respect to "Management’s…

Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…

A: Audit refers to the examination or checking of the financial statements or the books of company in…

Q: Which of the following statements relating to internal and external audits is false?* The execution…

A: Audit is the process of checking and verifying the authenticity of books of account in the business.…

Q: An auditor is required to communicate significant deficiencies in internal control to Audit…

A: Internal Control: An entity's board of directors, management, and other people are the ones who…

Q: Which of the following does NOT explain the distinction between financial statements and management…

A: SOLUTION DIFFERENCE BETWEEN FINANCIAL ACCOUNTING AND MANAGERIAL ACCOUNTING . BASIS  FINANCIAL…

Q: not the rights of the auditors

A: The statements a, b, c and d are wrong because they are the rights of the auditors. For the purpose…

Q: Which of the following information would be included in the introductory paragraph of the auditors’…

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Q: Which of the following is not a way by which the Sarbanes-Oxley Act attempts to ensure auditor…

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Q: The audit committee’s responsibility for auditor independence concernsa. Ensuring that partners of…

A: The audit committee’s responsibility for auditor independence concern ensuring that partners of the…

Q: which one is not the responsibility of management towards auditor.

A: As per ISA 210 ( Agreeing to the terms of audit engagement )  Preconditions of an audit include…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: An audit committee is an independent committee to ensure that the company is run ethically and…

Q: rights of the auditor

A: The statement a is correct because the auditor has the right to get all the information and…

Q: Which of the following is TRUE about Internal Audit? Internal audit is described as the verification…

A: The role of internal audit is to provide independent assurance that an organization’s risk…

Q: Statement: "In the context of audit, the concept of true and fair is defined in the Commercial…

A: The concept of true and fair has not been defined under nay statute or any law or any case law. The…

Q: Which of the following characteristics is most likely to heighten an auditor’s concernabout the risk…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: When accountants are not independent, which of the following reports can they nevertheless issue?a.…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: Which of the following best describes the responsibility of the CPA in performingcompilation…

A: Full form of CPA is Certified Public Accountants .Main responsibilities of a CPA are: Maintenance…

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: The pre-engagement activities of an audit engagement for a public accounting firm include: * Client…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…