Another term used for performance audit is * a. Agency activity audit b. Value for money audit c. Program implementation audit d. Regulation compliance audit

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: Which of the following is a valid reason for testing the operating effectiveness:…

A: Please see the next step for the solution

Q: The major objectives of any budget system are to Define responsibility centers, provide a framework…

A: Meaning of Budgeting System :- An effective budgeting system is vital to the success and survival of…

Q: Evaluate the value of the internal audit function to an organization's overall performance.

A: Introduction: The audit is defined as the evaluation and analysis of the financial statements and…

Q: Which type of audit is an investigation into whether or not the use of resources is economic,…

A: a. Forensic Audit : It is an independent examination of company's financial information to determine…

Q: What are analytical procedures? Substantive tests designed to assess control risk Substantive tests…

A: Analytical procedures are used in proper evaluations of financial information by having an analysis…

Q: Assess the value of an organization's internal audit function to its overall success

A: Accounting is described as the process of evaluating and analyzing financial statements and other…

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: The standards are divided into attribute, performance and implementation guidance. Classify the…

A: The answer for the theory question on classification of attribute and performance standards is…

Q: Management Accounting areas which are normally related to the accounting and finance functions may…

A: Management Accounting areas include: Financial strategy Cost management Project management Internal…

Q: stage of audit the audit program

A: Option a is wrong is wrong because during field work, auditing is done complying with the audit…

Q: Cost centres is a. Amounts of expenditure attributable to various activities b. Units of product or…

A: cost centre is a department within a business to which costs can be allocated..... Cost centre is…

Q: The benefits of comparing actual performance of the operations against planned goals include all of…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with a.…

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: Required: Identify the problems that appear to exist in the company’s budgetary control system and…

A: Budgetary Control System:- It is a system in which the actual income and expenditure of the company…

Q: hich of the following is a valid reason for testing the operating effectiveness: Review the results…

A: Answer: Authorization based on the information provided by internal source.

Q: external strategic management audit, industry analysis is better than environmental scanning.…

A: External strategic management audit refers to the detection and assessment of patterns and…

Q: Using your selected objective, create an audit plan of the organization's financial statements that…

A: Audit planning is one of the basic principles for governing an audit.Auditor should plan his work to…

Q: Internal audit will typically adopt a medium timeline for strategic planning purposes allowing the…

A: The main purpose of conducting Internal Audit of any sort of organisation is to identify the errors…

Q: Performance audits usually include [two answers]a. Financial audits.b. Economy and efficiency…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

Q: Evaluate the contribution of the internal audit function to the effective running of an…

A: Audit is defined as the evaluation and analysis of the financial statements and information dealt by…

Q: Describe what is generally contained in a service auditor report

A: For the audit of the service organization, the audit procedures performed by the auditors…

Q: Evaluate the importance of training and development particularly on technological advancement that…

A: Internal audits help the company in offering the risk management and evaluate the effectiveness of…

Q: Which of the following is not a benefit of budgeting? a. It sets some standards to evaluate…

A: Budgeting is the activity of planning of costs and expenses for an entity. It is one of the most…

Q: Discuss the various options for properly positioning an internal audit function within an…

A: Auditing refers to the process of systematically and physically inspecting and evaluating the…

Q: What is the term used to describe a systematic process of objectively obtaining evidence regarding…

A: Auditing is a systematic process that helps in providing a true and fair picture of the financial…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: The study and verification of a company’s financial records is described by the term audit in…

Q: Comment on the effectiveness of this organizational structur

A: Internal Audit: Internal audit is the process by which organization assures the compliance of rules…

Q: An examination of part of an organization's procedures and methods for the purpose of evaluating…

A: Auditing It refers to the process under which a person who is called as an auditor inspects,…

Q: Audit staff member who coordinates similar audit programs.

A: Audit Team: An audit team is a self-contained unit inside a company that assists the auditor in…

Q: An assurance service is defined as a service thata. Provides auditing services to nonfinancial…

A: Assurance service: It is aimed at improving the quality of information for the individual making…

Q: -Financial -Quality -Human resources

A: Basically, in every business organization, every entity must identify and analyze performance and…

Q: List three reasons management may ask for an operational audit to be performed, and explain how the…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Which of the following type of auditors provide an opinion on the effectiveness of the operational…

A: Audit definition -  Audit is an independent examination of financial information of an entity…

Q: As a part of understanding the client's performance measurement system, the auditor focusing on key…

A: Auditing means the independent checking of company operation by outsider.

Q: List the revenue cycle audit objectives derived from the “existence or occurrence” management…

A: Assertion: management asserts that the information provided by them is complete , exist , correctly…

Q: Which among the following techniques is/are part of controlling? a. All the options listed b.…

A: CORRECT ANSWER : a. All the options listed.

Q: financial, compliance, operational audit and government audit. Include in your answer who performs…

A: An audit is a type of assurance service that involves accumulating and analyzing support for…

Q: An organization’s internal audit department is usually considered an effective control mechanism for…

A: Internal Audit: Internal audit is the process by which organization assures the compliance of rules…

Q: A specific internal audit assignment or project that includes multiple tasks or activities designed…

A: Audit is independent examination of financials of any organization that may be profit oriented or…

Q: Which of the following is the least important consideration for a governmental auditor whoneeds to…

A: Introduction:

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: of the following best describes the scope of internal auditing as it has developed to date? Group…

A: Ans. Internal audit has various objectives such as : i. Safeguarding of Assets ii. Evaluation of…