Internal auditors

Q: c) Which of the following is not an impact of SOX on auditors Multiple Choice a) Increased…

A: solution concept SOX Sarbanes Oxley Act is a act which aims at protecting the stakeholders of the…

Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…

A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Q: 8 From the information given below, identify a statement which deals with appropriateness of audit…

A: Auditing refers to the independent checking of a company's operation by the outsider known as an…

Q: Which of the following audit engagements is least likely to be performed by internal auditors solely…

A: Which of the following audit engagements is least likely to be performed by internal auditors solely…

Q: According to Sarbanes-Oxley, the audit committee must pre-approve all audit and non-audit services.…

A:

Q: This audit tool is very useful in alerting or identifying any deviations from normal expectations…

A: An audit tool, in general, is anything that auditors use to accomplish an audit.

Q: Select each attribute with the most directly related term. No term is used more than once.…

A: Audit is the inspection of the accounts of organisation. It is performed by an independent body. The…

Q: ll statements are true B. all statements are false C. S1 and S2 are true D. S1 and S3 are true

A: Correct option : A

Q: audit engagement

A: Statement 1 is correct because an audit engagement is opinion based. The auditor conducts the…

Q: 1: The documentation of internal controls pertain only to those controls that are relevant to the…

A: Answer: 1: The documentation of internal controls pertain only to those controls that are relevant…

Q: The following are concepts discussedin this chapter:1. Preliminary judgment about 7. Estimated total…

A: a. Following items are audit planning decisions that require professional judgment as follows: 1.…

Q: Which of the following is not a scope of internal auditors? Efficient Use of Resources Services to…

A: The scope of internal audit means the range of activities and records which can be subjected to…

Q: Tests of controls are most likely to be omitted when(1) an account balance reflects many…

A: Option C is correct

Q: Which of the following are common issues with benchmarking tool used by internal auditors?…

A: Benchmarking means analysing and comparing the performance of one (our) company with the other…

Q: Which of the following are common issues with benchmarking tool used by internal auditors? Group of…

A: Auditing Auditing is one of the important part in the accounting work which ensures the quality in…

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: Which of the following is least likely to be a factor that might indicate to an auditor that an…

A: special considerations are used by auditors where there is a high risk of material misstatements in…

Q: Which among the following is the most important limitation of an audit, which result in most of the…

A: the audit is an independent examination of financial information of an entity whether…

Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…

A: The audit is an independent examination of financial information of an entity whether…

Q: When considering internal control, an auditor must be aware of the concept ofreasonable assurance,…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: ’t these types of controls automatically make a correction in the identified error? Why are…

A: Internal control: Internal control involves the norms and rules which are followed by the company to…

Q: Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations? Group of…

A: SAS no. 99 defines a procedure in which the auditor acquires data to find risks of significant…

Q: When the auditor identifies that a key control absent he/she would most probably: Select one: a.…

A: d.  Issue a qualified or disclaimer of opinion on internal controls over financial reporting.…

Q: 32. which of the following is not an appropriate reporting option one component Auditors are…

A: The auditor's report includes a documented letter again from auditors stating whether financial…

Q: Generally, audit evidence cannot be obtained entirely through substantive procedures   True or…

A: Substantive procedures are the method or audit tests designed by an auditor to evaluate the…

Q: Give one reason why performing advisory services could enhance audit quality. Give one reason why…

A: Here discuss about the details of the importance of performance advisory service which are needed…

Q: explain each choices. Reportable conditions are matters that come to an auditor's attention and that…

A: Internal  Control: An entity's board of directors, management, and other people are the ones who…

Q: 3. Which of the following is NOT part of the control activities applicable to Financial Statement…

A: Solution Concept Financial statement audit                 During the audit of the financial…

Q: 19-Which among the following is the most important limitation of an audit, which result in most of…

A: External audit means the examination performed by an external party who is professionally qualified…

Q: - Quality control policies and procedures should be implemented at both the level of the audit firm…

A: Answer: - Quality control policies and procedures should be implemented at both the level of the…

Q: Following are examples of control deficiencies that may represent significant deficiencies or…

A: Whether a deficiency is classified as a significant deficiency or a material weakness is determined…

Q: Which of the following does not accurately summarize auditors’ requirements regardinginternal…

A: Internal control:   Internal control is a process which ensures continuous reliability of…

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: Required For each of the questions above, answer the following: a) State the purpose of the internal…

A: Here asked for multi sub part question we will solve for first three sub part question for you.  If…

Q: Which of the following statements is/are correct? Statement I. Internal auditors should have the…

A: Audit refers to examination of the books or financial statements of the entity and it is done to so…

Q: Select which option is correct. Select one or more: A. The level of professional skepticism can be…

A: Professional skepticism is an attitude that includes a questioning mind, being alert to conditions…

Q: Which of the following statements about management assertions, audit objectives, and audit evidence…

A: The overall objective of an auditor express an opinion on financial statements that it represents…

Q: In this stage of the operations audit process, assess conformity with the program, schedule, and…

A: As per the answer guideline single question is answered. In Operational Audit, The Audit process…

Q: {Auditing} 34. Internal Control goes beyond accounting function and incorporates both accounting and…

A: Internal control is the function of ensuring the integrity of the financial statements. It is done…

Q: When searching for the root cause of issues, auditors are effectively searching for the source of…

A: Whenever auditor or management finds out that there are issues in the company. They try to find out…

Q: Which of the following is correct about audit opinion? a. It does not assure the future viability of…

A: Correct option is A It does not assure the future viability of the entity Explanation The auditor's…

Q: In a non public audit (AICPA), auditors might chose to not test controls if Select an answer and…

A: As part of audit, it is based on the auditors judgement only to select the appropriate level of risk…

Q: State with reasons (in short) whether the following statements are correct or incorrect (a) The…

A: As per our protocol we provide solution to the first three sub-parts only in case of multiple…

Q: true about operational auditing

A: First option is false because operational audit is a type of audit of internal controls and…