Explain one way the external auditor's responsibilities regarding a public company's system of internal controls have changed since SAS 78 became effective in the late 1990s. Were these changes necessary? Do you believe the changes have been effective at reducing risk for the company and the users of the financial statements?  Explain your rationale.

Q: Which of the following is not ordinarily considered a factor indicative of increased financial…

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A:

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Q: Which of the following procedures is most appropriately done if the control risk and inherent risk…

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Q: Which of the following statements is characteristic of monitoring activities within the internal…

A: Internal controls system includes a set of rules, policies, and procedures an organization…

Q: The report on internal control required by the Sarbanes-Oxley Act of 2002 may be prepared by either…

A: Answer is False ,

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A:

Q: If the auditor is auditing a public company in the United States and must report on internal…

A: Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

Q: Which one of the following is not true about internal auditors? Reports to management or those…

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A:

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A:

Q: The SEC requires the MD&A report as well as the audit attestation on management’s assessment of…

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A: Intimidation threat may occur when a chartered accountant may be deterred from action objectively by…

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Q: audit procedures

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Q: not the rights of the auditors

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Q: In your own words, why are internal controls important? Why do you think Congress has made it…

A: Internal control refers to various methods and procedures adopted for the control of production,…

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

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Q: Items 1 through 6 are common questions found in internalcontrol questionnaires used by auditors to…

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Q: 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…

A: The following concepts are discussed below.

Q: not true about Internal Audit

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Q: Which of the provisions of Sarbanes Oxley Act of 2002 (SOX) increased the chances that the financial…

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Q: Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud…

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Q: Please respond promptly:…

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Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

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