Which of the following statements relating to internal and external auditors is correct? i) Internal auditors are required to be members of a professional body ii) Internal auditors’ scope of work should be determined by the management iii) External auditors are trusted by government agencies, investors, and public. iv) Internal auditors can never be independent of the company a. iii and iv b. i and iii c. i and ii d. ii and ii

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: With whom should the auditor communicate whenever he or she determines that fraud may be present,…

A: Auditor is the person examining the financial statements and reports of an entity to check if the…

Q: Independent auditors perform audits on the financial reports of public companies. This type of…

A:

Q: Which of the following statements relating to accounting and auditing is incorrect? i) Accounting…

A:

Q: 30-Which of the following statements relating to internal and external auditors is correct? i)…

A: Internal auditors are those auditors which are from the internal of the organisation, it means these…

Q: Set policies on internal control Both c) and e)

A: Answer - Set policies on internal control Both c) and e)

Q: What are the auditor’s responsibilities to communicate information to the audit committee under…

A:

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: Which of the following is the most important responsibility of the external auditor? a. To ensure…

A: An external auditor is a person outside the organization, who performs the audit, review of…

Q: ine the reasons why auditor independence is considered of fundamental importance for confidence in…

A: The independence of the auditor is referred to as auditor independence. It is distinguished by…

Q: $1: In addition to controls being specific, they may be broad, such as policies regarding code of…

A: Internal control is a process, put in place by an entity which is designed in such a way to provide…

Q: Which of the following best describes why an independent auditor is asked to expressan opinion on…

A:

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

A: An internal auditor (IA) is an individual or company who audits the financial statements provided by…

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: Which of the following may not be the possible sources of obtaining information in respect of…

A: Preliminary engagement activities are those activities that are helpful in reducing the risk of…

Q: TRUE OR FALSE In executing their governance responsibilities, audit committees frequently interact…

A: Business entities are required to conduct an audit of their financial statements, so as to know…

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: Identify from the following the department who are responsible to appoint internal auditors and…

A: Internal audit is one of the pivotal pillars of the internal control mechanism of the organisation

Q: Which of the following statements is correct concerning an auditor's required communication with…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

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: hich of the following statements is incorrect? Select one : a. Internal auditors provide assurance…

A: The auditor needs to know the financial information of the company in which he is being engaged as…

Q: Generally accepted auditing standards require auditors to be independent.Included within this…

A: Definition: An Independent audit report helps in the development of practices of the business and…

Q: Which of the following is most true in relation to governance? О а. The Internal Audit department…

A: In the given case the external auditor is solely responsible for the audit opinion expressed on the…

Q: When auditors become aware of noncompliance with a law or regulation committed byclient personnel,…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the…

A: Centre for Audit Quality (CAQ) is affiliated to the AICPA. As the name indicates CAQ is focused…

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: Which of the following is not True about External Auditors? i) External Audit is an audit function…

A: An external audit is an examination that is conducted by an independent accountant. This type of…

Q: Which of the following is a correct statement? a. Internal auditors of a company are always outside…

A: Audit can be defined as the inspection of the financial records of the organization. It ensures that…

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: 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: Which of the following documents or/ and procedures should be used by the auditor to gain a better…

A: Audit is the process of verifying and examining the financial statements and control procedures…

Q: An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c.…

A: An audit committee also refers as review council and it is one of the major working panels of an…

Q: hich of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Answer:   Option c

Q: What examples can be explained as the type of technical training and proficiency auditors must have…

A: The auditor must have adequate technical training and proficiency to perform the audit. the…

Q: Which of the following statements relating to internal and external audits is false?* The execution…

A: Audit is the process of checking and verifying the authenticity of books of account in the business.…

Q: An auditor is required to communicate significant deficiencies in internal control to Audit…

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

Q: Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit Executive…

A: Answer: Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit…

Q: Independent Auditor is responsible for preparing the financial statements, establishing and…

A: Auditor refers to an individual whose main frame of work is to conduct a physical examination of all…

Q: Auditors of both public companies and private entities _______.     A. have a responsibility to…

A: Solution:  Auditors of both public companies and private entities "have a responsibility to report…

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Fundamentally, the auditor report gives an opinion on whether the financial statements O a. Have…

A: Option b is correct.

Q: The audit committee’s responsibility for auditor independence concernsa. Ensuring that partners of…

A: The audit committee’s responsibility for auditor independence concern ensuring that partners of the…

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

A:

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: What is meant by internal control based on the professional standards of a public accountant is: a.…

A: Internal control means a process of doing the work effectively so that objective can be achieved and…