Describe the nature of activities that internal auditors do.How important is internal audit to a firm?

Q: Who has responsibility for internal control in an organization? According to guidelines set forth in…

A: Sarbanes Oxley Act: In order to protect the rights of an investor from fraudulent practices by the…

Q: t o

A: The End product of an Audit is a report expressing the Auditor's Opinion on the client's financial…

Q: Why would a company hire internal auditors if they already have an external auditor?

A: Internal audit is the internal department of the organization which performs checks to ensure…

Q: How does an audit enhance the quality of financial statements and management’s reports on internal…

A: The requirement that corporations' financial accounts be audited by an impartial external auditor…

Q: Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about…

A: Option A is correct Evaluation of evidence

Q: type of the auditors

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

Q: Describe the audit documentation review process in a public accounting firm.

A:

Q: An independent examination and evaluation of the financial statements of an organization is called…

A: Businesses are often managed and controlled by managers that are hired employees of the…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: Considering the competence of a firm should include consideration of whether the audit firm…

A: The auditor should have necessary competence to carry out the audit work of the client. If he has no…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: Critically appraise the Internal Audit function of the company. Add information about the internal…

A: Answer:-  Internal Audit meaning:- Internal audit helps in the assessment of the company's internal…

Q: Explain the role of audit report in company.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: How can an audit add value to financial statements and management's internal control reports? Is an…

A: This question explains about financial statements and management's internal control reports

Q: To what extent do auditors contribute to the smooth functioning of a company? Using appropriate…

A: Auditing: Cross-checking financial records with physical inventory and other data is called…

Q: Which of the following BEST describes a Step-up practice related to Effective Audit and Risk…

A: Answer:   Following is the description of a Step-up practice related to Effective Audit and Risk…

Q: What organizations and agencies have rules of conduct that you must observe when you practice(a)…

A: A rule of conduct is a set of norms and regulations practiced by an individual, or organizations. It…

Q: Why is an independent audit committee important to a company?

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: As an internal audit explain how you applied it in your company?

A: In order to evaluate the true and fair financial position of the company, an internal auditor is…

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 choice is the best example of an independent auditor? A. CPA who has a significant…

A: Independent auditor are certified public or Chartered Accountants who examine the financial…

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Distinguish between business failure and audit risk. Why is businessfailure a concern to auditors?

A: Auditing is the investigation, inspection, or examination of the financial statements of an…

Q: firms must audit their resources at the corporate level

A: Resources are the available economic items of the firm with which it can operate business.

Q: What role does the auditor play in gaining a knowledge of internal control? What is the difference…

A: Before completing audit processes, the auditor is responsible for knowing the organization's…

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: Which of the following is not considered to be part of the internal control structure of a company?…

A: Answer:  Publish accurate financial statements on a regular basis.

Q: Auditors get an awareness of a company's internal control systems for a variety of reasons

A: Auditor: The auditor is the one who is believed to be in charge of determining the integrity of the…

Q: For a corporation in an industry with fewer rules, which of the following control goals in the…

A: The purpose of adopting Auditing procedures which are important to the Auditing work which has to be…

Q: When it comes to the smooth running of a company, what role does an auditor play? Using relevant…

A: For smooth running of the organisation the auditor must ensure that the company is complying with…

Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act? What…

A: Following are the responsibility of Management describe in section 404 of the Sarbanes-Oxley Act:…

Q: Explain how the auditors can be sustained in the auditing profession.

A: Auditing: It is an act of the examination of financial statements of an entity and expression of…

Q: Assess the economic significance and limitations of audit work to business and investor interests,…

A: Ans. Their are various significance of auditing in a business. Though it comes with few limitations…

Q: Why it is important to understand the culture of the company and what is its impact in internal…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: All of the rules and processes used to safeguard assets, assure accurate accounting, promote…

A: Internal Control: It is a system in which all the company's transactions get tracked and carefully…