Audit Committee Responsibilities A company's audit committee performs duties that are essen- tial to its corporate governance and reporting accuracy. Required Identify the major duties of the audit committee.
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- 7. What is the role of management accountants in an integrated reporting practice of the corporation? 8. Why governance matters in an integrated report? 9. Is it bad for an entity not doing an integrated report? Why?5. Which of the following is not an internal user?a. Corporate officersb. Staff employeesc. Stockholdersd. Department manager 6. Which term describes management accounting reports?a. GAAP reportsb. Special purposec. General-purposed. Regulatory reportsQ14 An audit of the financial statements of a company is referred to as a(n) a. Financial audit. b. Compliance audit. c. Operational audit. d. Integrated financial audit
- 44. Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit Executive (CAE) who shall oversee and be responsible for the internal audit activity of the organization and must be appointed by the Board, subject to the Principle of Proportionality. Statement 2. Internal Auditors are challenged to recognize and evaluate ethical and unethical situations often encountered in practice and it is important to be alert to situations that may threaten these fundamental principles. This is the concept of Ethical Intelligence. Which of the following statements is/are false? Group of answer choices Statements I and II Statement II only Statement I only None of the statements250 words What is your definition of the term "independence" as applied to the CPA's function of auditing and expressing an opinion on a company's financial statements?ISA 250 paragraph 10 cover the aspects of ________ a. Audit Conclusion and Reporting b. General Principles and Responsibilities of auditor c. Law and regulation governing accounting and auditing d. Audit Evidence and audit risk
- 13. Which of the following point is related to institutional factors that affect the accounting quality? Select one: a. Legal environment b. Managers' accounting discretion c. CEO's performance d. Internal auditing Clear my choiceISA 250 paragraph 10 covers the aspects of ________ a. General principles and responsibilities of auditor b. Audit evidence and audit risk c. Audit conclusion and reporting d. Laws and regulations governing accounting and auditingSection 404(a) of the Sarbanes–Oxley Act requires management toissue a report on internal control over financial reporting. Identify the specific Section404(a) reporting requirements for management.
- 13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companies14. Which of the following is NOT a regulatory authority or a professional body for auditors? a. IAS b. IAASB c. IFAC d. ACCA8. Which of the following statement about internal reports is true?a. Most internal reports are summarized rather than detailed.b. Internal reports focus on general purpose needs of users.c. The content of internal report extends beyond the double-entry accounting system.d. Internal reports are often very general. 9. Which one of the following describes internal reports?a. They are often audited by CPAs.b. They are highly regulated by SEC.c. They are aggregated.d. They are detailed.