internal audit activity's role

Q: Which of the following statements is correct concerning the understanding of internal control needed…

A: As per relevant standard related to internal control auditor must understand the control environment…

Q: True or False The reported information shall reflect positive and negative aspects of the reporting…

A: The question is related to true or False. The question is related to GRI G4 Guidelines.

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

A:

Q: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: subcontracted by the client, specifically in what corresponds to criteria of security, availability,…

A: A  SOC for Service Organizations reports are designed to help service organizations that provide…

Q: What are analytical procedures? Substantive tests designed to assess control risk Substantive tests…

A: Analytical procedures are used in proper evaluations of financial information by having an analysis…

Q: Which of the following members of an organization has ultimate ownership responsibility of the…

A: Solution: The chief executive officer (CEO) has the ultimate responsibility for enterprise risk…

Q: The preliminary assessment of control risk includes all the following procedures except Consider the…

A: Preliminary assessment of control risk is the process of evaluating the likely effectiveness of an…

Q: The auditor shall communicate with those charged with governance an overall approach and scope of…

A: Auditor shall communicate to the management regarding its scope of audit.

Q: Discuss the weaknesses in COSO’s internal control framework that led to the development of the COSO…

A: Enterprise risk management is a formal program or frame work that is implemented to mitigate the…

Q: Risk assessment is carried out by the organization to identify, analyze and manage relevant risks.…

A: A word used to describe the total process or approach of identifying hazards and risk variables that…

Q: The primary purpose for obtaining an understanding of a nonpublic audit client’s internal control is…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: hich of the following is a valid reason for testing the operating effectiveness: Review the results…

A: Answer: Authorization based on the information provided by internal source.

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

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: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: ss risk and the audit's preliminary analytical procedures? c) When preparing an audit engagement,…

A: Business Risk associated with Audit: A business risk is an occurrence, incident, or condition that…

Q: For risk enabled and risk managed organizations, the conclusion on risk maturity is the first step…

A: Correct option is D. The internal audit activity's assurance strategy is therefore to provide…

Q: In all audits of governmental units performed according to GAGAS, the most important work isa.…

A: GAGAS (generally accepted government auditing standards) or GAS (government auditing standards):…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: The study and verification of a company’s financial records is described by the term audit in…

Q: Audit committee activities and responsibilities includewhich of the following?a. Selecting the…

A: Audit is the process of checking and verifying books of accounts in order to check authenticity and…

Q: In the integrated audit of an issuer, which of the following would not be considered an entity-level…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

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: An examination of part of an organization's procedures and methods for the purpose of evaluating…

A: Auditing It refers to the process under which a person who is called as an auditor inspects,…

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: According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in…

A: The IIA in their paper specified internal audit’s role in relation with ERM. Roles to be performed…

Q: hich of the following best describes the internal audit activity's role in supporting the board in…

A: Internal audit refers to the process of investing and evaluating the internal control system of the…

Q: 1. This is the evaluation of activities, systems, and controls within an enterprise for efficiency,…

A: Introduction:- Compliance auditing decide whether a process or transaction has or has not followed…

Q: Which of the following is true of internal​ control?         A. Internal control procedures tend to…

A: Internal control  is implemented  in organizations  by management

Q: nternal control should be designed to provide reasonable assurance that       a. Management’s…

A: Auditing refers to the procedure of evaluating and analyzing the books of accounts prepared and…

Q: For which of the following matters should an auditor obtain written management representations?…

A: Solution: Auditor should obtain written management representations with respect to "Management’s…

Q: Distinguish the auditor’s responsibility for testing controlsin an integrated audit of a public…

A: Test of controls is a procedure of audit that is used to test the effectiveness of the control of an…

Q: Which of the following best describes the operational audit?(1) It requires constant review by…

A: Auditing is a systematic process of analyzing, verifying and quantifying the any given information.…

Q: Statements Internal auditing is an improve an organization's operations. objective assurance and…

A: Auditing:- It is the examination of financial information or financial statement of the company to…

Q: Which of the following approaches is most suitable for auditing the finance and investment cycle?a.…

A:

Q: y be more successful in its monitoring and assessment of internal controls by internal auditors.

A: Internal controls are policies  processes used by management to guarantee that  financial statements…

Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

A:

Q: Critical audit matters are most likely to include those matters that: Multiple Choice Are…

A: A CRITICAL AUDIT MATTER IS ANY MATTER THAT IS COMMUNICATED OR REQUIRED TO BE COMMUNICATED TO THE…

Q: Which of the following elements of a system of quality control is related to firms receiving…

A: Independence in Fact: Independence in fact requires that an auditor must not be biased or partial…

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

A: Introduction:

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: Which of the following accurately describes a characteristic of a management letter? Select all that…

A: Management letter or letter of weakness is the letter issued to management or those charged with…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…

Q: When testing a control activity’s operating effectiveness, procedures the auditor performs totest…

A: The answer is provided as follows: