Discuss 3 objectives of an exit conference of internal auditor.
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Discuss 3 objectives of an exit conference of internal auditor.
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- Please answer all 3 subparts. Question 1 (i) What are the 5 components of the COSO framework? A. Risk assessment, control environment, control activities, information and communication, monitoringB. Control environment, risk assessment, control activities, information and communication, monitoring.C. Control activities, monitoring, information and communication, control environment monitoringD. Control activities, control environment, risk assessment, monitoring, information and communication (ii) An opinion which is given by the auditor when the financial statements give a true and fair view except for a particular matter, which the auditor explains is called:A. An adverse opinionB. An unmodified opinionC. A qualified opinionD. A disclaimer opinion (iii) Which of the following is NOT a reason why linking reward to performance may not solve remuneration problems?A. Unsuitable measures of performance may be selected B. Many performance measures are based on the short term resultsC.…3. This identifies what the internal audit function will review based on available resources and the needs and priorities of the organization. Group of answer choices Audit Plan Operations Manual Audit Checklist Audit Manual1. What are the objectives of Audit Planning? 2. Explain SIX (6) planning procedures.
- 4. The letter an auditor prepares and ensures he signs with the management to set out the terms and conditions of the assurance engagement is called? ______________ Question 4 options: a) Professional letter b) Assurance letter c) Engagement letter d) Auditor letter31 ____________ can ensure that those benefits and costs to third parties are considered in determining what service is to be produced and at what quality? It also seeks to ensure that accounting services are of the right quality. a. Auditors b. Accountant c. All the options d. Regulations1. Identify 3 procedures in auditing system development life cycle and identify what particular phase is being audited and the objective. 2.
- Q4) Auditors are required to consider a client's internal control.a. Describe the two purposes of the auditors' consideration of a client's internal control.b. Even the best internal control has certain limitations. List three of those limitations.3. An auditor can receive one of three types of report from a Service Organizations when providing Assurance or Auditing services for a client. A Type 2 or SOC 2 service auditor's report addresses: Group of answer choices Only management's description and design of its controls. Management's description and design of its controls and control operating effectiveness. Only control operating effectiveness. Control operating effectiveness and primary assertion reliability.Discuss the differences between management letter and legal representation letter (Auditing)
- Discuss the responsibilities of and auditor’s expert.Information Risk Analyst (IT Controls Audit) will help the organization assess risk controls and their effectiveness for current and future design improvements. To be successful in this career path YOU must be familiar with the concept Information Risk. a. Explain the term ‘information risk’ in your own words. b. Discuss three (3) causes of information risk. c. Discuss the three (3) main ways to reduce information risk. d. Differentiate between ‘assurance services’ and ‘non-assurance services,’ giving examples of each.Auditing Question 1 A. Define the Internal Control System and discuss three of its main characteristics