Internal auditors may not perform: a. Audits of financial statements resulting in reports intended for management’s use only. b. Integrated audits leading to an audit opinion issued in accordance with PCAOB standards. c. Forensic audits. d. All of the above.
Internal auditors may not perform:
a. Audits of financial statements resulting in reports intended for management’s use only.
b. Integrated audits leading to an audit opinion issued in accordance with PCAOB standards.
c. Forensic audits.
d. All of the above.
An “integrated audit”, as required by Sarbanes-Oxley Act for U.S. public companies,
includes an audit of
a. The company’s internal controls
b. The company’s financial statements
c. The company’s compliance with its rules and policies
d. Both A and B
The auditor’s opinions on the effectiveness of internal control over financial reporting (ICFR) in an
integrated audit in accordance with PCAOB AS include the following types except:
a. Unqualified where no material weaknesses exist.
b. Qualified opinion where one or more material weaknesses exist.
c. Disclaimer of opinion where the audit team cannot perform all of the procedures considered
necessary and is unable to determine whether material weaknesses exist.
d. Adverse opinion where one or more material weaknesses exist
Which of the following are assertions about account balances at the balance sheet date (account
balances at the period end)?
a. Occurrence, cut-off, classification, completeness and accuracy
b. Existence, rights and obligations, completeness and valuation and allocation,
c. Occurrence and rights and obligations, completeness, classification and understandability and
accuracy and valuation.
d. All of the above
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