Discuss the various options for properly positioning an internal audit function within an organization and the related advantages and disadvantages for each identified option. What are the primary factors an organization should consider when establishing an effective internal audit function?

Q: what are some examples of internal controls? How are internal controls related to the Sarbanes-Oxley…

A: Internal Control: In an organization, internal control is a procedure carried out by the entity's…

Q: What is operational auditing? How does the AICPA view operational auditing?

A:

Q: Establishing and maintaining an internal control structure is the responsibility of the: Select…

A: Internal control : Internal controls are intended to safeguard  assets of business  provide…

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

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: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

A:

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: Explain how an audit committee could improve its effectiveness on internal auditor's internal…

A: An audit committee is a board of directors committee that is in charge of overseeing the financial…

Q: Comment on the effectiveness of this structure.

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

Q: Why is it important for the internal audit department to be functionally reporting to the audit…

A: Internal audit plays a vital role in companies, probably now more so than ever, with their diverse…

Q: Once the overall audit strategy has been established, what can be developed to address the various…

A: Audit strategy is prepared by the auditor which helps in planning the audit. It includes the time…

Q: Discuss the numerous choices for putting an internal audit function inside a company and the merits…

A: For a financial year, an auditor will conduct an audit of its financial records to verify that they…

Q: Question: Obtaining an understanding of an entity's internal control is more likely to be performed…

A: Introduction: Internal controls are a system of preventative measures set up to make sure that no…

Q: Why is it important for internal auditors to have a fundamental understanding of diverse business…

A: Introduction: An internal auditor is a corporate employee whose job is to verify the firm's…

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: 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: 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: Explain the concept and give real life examples of Audit Planning and Business Processes

A: Audit planning is the process wherein the auditor plans when to do the audit , how to do it and what…

Q: What are the three major phases in the audit team's evaluation of internal control? How does the use…

A: Internal control refers to the process that is being affected by the company’s board of directors,…

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: Analyze the many ways in which an audit committee might help the internal auditors do their job…

A: An audit committee receives all internal and external audit reports, a board of directors committee…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

Q: In this section, we will discuss the numerous alternatives for putting an internal audit function…

A: The following are the many alternatives for efficiently placing an internal audit function within a…

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: Auditors seek to understand a client's internal control in order to better serve their clients.

A: This question tells about Auditors seek to understand a client's internal control in order to better…

Q: To obtain an understanding of the relevant policies and procedures of internal control, the auditor…

A: INTERNAL CONTROLS ARE THE RISK MITIGATION STEPS TAKEN TO STRENGTHEN THE ORGANIZATION'S SYSTEMS AND…

Q: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an…

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies 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: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Answer:-  Internal audit meaning:- An organization's internal control includes corporate governance…

Q: Assume your firm has decided to move forward. Referring to your evaluation of internal and external…

A: The answer is stated below:

Q: Auditors are required to document their understanding of internal control. Procedure’s manuals,…

A: Internal Control System It is important for the Auditors to examine the process of the internal…

Q: Under what circumstances are external auditors likely to be involved in operational auditing? Can…

A: Introduction:- An operational audit is systematic review of effectiveness, efficiency of operation.…

Q: Discuss the responsibility and functions of CPA. Then, Identify why independent Auditors' Reports…

A: Certified Public Accountant (CPA) is a qualified accounting professional . CPA is responsible for…

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has…

Q: What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands…

A: Introduction: An external audit is a review undertaken by an outside accountant. This form of audit…

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: distinguish efficiency and effectiveness in operation audit performed by an internal auditor

A: Internal auditor is a person who provides audit services to the organization while working…

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

A: Introduction:

Q: what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.

A: Internal audit : Internal audit is defined as the audit which evaluates the internal controls of the…

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…

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…