What are the internal auditors’ responsibilities (name at least two)?  Why did the internal auditors not adhere to these responsibilities?  This is about the Enron's case

Q: What are examples of some of the independence requirements by the AICPA concerning external…

A: Independence ensures that auditors don't have any financial interest in the firms in which they are…

Q: Which of the following statements is not true with respect to the audit examinations andreports for…

A: With respect to the audit examinations andreports for public and nonpublic entities,  statements…

Q: e internal auditors’ responsibiliti

A: Auditor's internal control Responsibilities is an audit of the effectiveness of internal control…

Q: Which of the following best describes the effect of a contingent fee arrangement on the auditor's…

A: The contingent fees rule has been defined in Section 1.510 of the AICPA’s revised Code of…

Q: If the auditors encounter a significant scope limitation in evaluating a public company’s internal…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What is a law, such as the Sarbanes–Oxley Act of 2002, under which auditors have obligations?

A: The Sarbanes–Oxley Act of 2002 is a federal Law that established Sweeping Auditing and finance…

Q: What are the major differences in the scope of the audit responsibilities for CPAs, GAO auditors,…

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: Compare and contrast traditional auditors’ legal responsibilitiesto clients and third-party users…

A: An Audit is the process of collection of information & data, assess them & identifies the…

Q: In which one of the following circumstances is the improper description of accounting policies and…

A: A error or misstatement in a financial statement is said to be material if it can affect the…

Q: What is the auditor’s responsibility for obtaining anunderstanding of internal control? How does…

A:

Q: If the company is subject to PCAOB obligations for communicating control shortcomings (AS 1305),…

A: SOLUTION-   COMMUNICATION ABOUT CONTROL SHORTCOMING- STANDARD O AUDITING OF 1305 DESCRIBES THE…

Q: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

Q: In what ways does the practice of internal auditing differ from the practice of public accounting?…

A: Internal audit is assessing the risk & fraud and compliance of Accounting standard, Law…

Q: According to the BarChris decision, how did auditors violate generally accepted auditing standards?

A: Generally Accepted Auditing Standards (GAAS):   "GAAS refers to professional external auditing…

Q: Which of the following statements is or are true about audit procedure? Audit procedures are used by…

A: The audit procedures are a set of predefined testing methods to check the consistency of the…

Q: If the company is subject to PCAOB rules involving disclosure of control shortcomings (AS 1305),…

A: This question explains about internal control over financial reporting

Q: Why is it important for auditors to consider the possibility of fraud by employees or management on…

A: There is a possibility of the occurrence of fraud by the employees or management of the company.…

Q: 47-Which of the following are not the rights of the auditors? a) The right to all information and…

A: An audit is an examination of the financial statement by an auditor to check whether the financial…

Q: What was the purpose of the Sarbanes-Oxley (SOX) requirement of having at least one financial expert…

A: Sarbanes-Oxley are two individuals one was U.S Senator and other was U.S representative, they…

Q: Sarbanes-Oxley [SOX] legislation, greatly restricts the types of nonaudit services that auditors may…

A: Non-audit services provided by the auditor to an audit customer, including its affiliates, are…

Q: Which of the following is NOT an important consideration for the auditor’s assessment of audit…

A: Audit committee is entrusted with the task of overseeing the reporting and disclosure requirements…

Q: If a nonissuer wants an accountant to perform an examination of its internal controls, the…

A:

Q: Comparing the Internal Auditors and External Auditors , which of the following is not true about…

A: Option C The Auditor is appointed by the management is incorrect statement since they are appointed…

Q: North, CPA, is planning an independent audit of the financial statements of General Company. In…

A: (a) Whether the auditor’s work is relevant to Company N depends upon the role and objectives of an…

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: The responsibility for preparation and presentation of financial statements is the responsibility of…

Q: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

A:

Q: What are the concepts of legal responsibility applicable to the accountant in his audit functions…

A: Legal Responsibility of Auditor: Every day, more and more people are becoming concerned about the…

Q: Which of the following is not part of audit evidence? Information gathered by the auditors from…

A: Audit evidence means supportings or related documentation which proves truth about the financial…

Q: What other restrictions and requirements apply to auditors whenproviding nonaudit services to public…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What are the two requirements for the auditor to offer an unqualified opinion on internal financial…

A: Auditor's assessment: The Auditor's certification is added to the financial statements as a…

Q: Which of the following statements is not a correct statement regarding audit evidence? Select one:…

A: Audit evidence Audit evidence can be defined as the evidence that a company obtains during the…

Q: What two conditions must be present for the auditor to issue anunqualified opinion on internal…

A: Audit Opinion: It is a certification of the auditor attached along with the financial statements. It…

Q: Why should auditors act as though there is always a potential conflict of interest between the…

A: Holding is a belief that any sort of potential conflict of interest exists between the auditor and…

Q: Do auditors have an obligation to report on (a) audited financial statements and (b) any additional…

A: This question tells abut audited financial statements and additional information required by law

Q: How has the Sarbanes–Oxley Act attempted to ensure that external auditors will be completely…

A:

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: As per ISA 200, The auditor's objectives are to obtain reasonable assurance about whether the…

Q: What are the major differences in the auditors’ report for nonpublic and public entities?

A:

Q: If the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

A: Thi the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: Which of the following statements about the auditor's responsibilities in public company audits is…

A: PCAOB is public companies accounting oversight board.  The board oversees the auditing of public…

Q: If a principal auditor decides to refer in his or her report to the audit of anotherauditor, he or…

A: Principal auditor is the prime auditor with whom the responsibility of major portion of the…

Q: Why should receiving reports be prenumbered in the first place? With the help of the receiving…

A: According to management, this is true. A managerial assertion is a claim made by a company's top…

Q: Describe how the Sarbanes-Oxley Act of 2002 has impacted the role of auditors

A: While performing an audit of company, auditor has to make sure that he complies with the standards…

Q: Has the accounting profession created a situation in which auditors’ ethical behavior is impaired by…

A: Legal liability of an auditor is to give a proper audit report to his clients by keeping his ethical…

Q: Audit committees have an essential role to play in ensuring the integrity and transparency of…

A: Answer: (d) Details of the procedures that the auditor intends to apply. The auditors should not be…