Which of the following type of auditors provide an opinion on the effectiveness of the operational activities of the organization. i) External Auditor ii) Internal Auditor iii) System Auditor iv) Cost Auditor Both i and ii Only i Both iii and iv Only ii

Q: Establishing and maintaining an internal control structure is the responsibility of the: Select…

A: Internal control : Internal controls are intended to safeguard  assets of business  provide…

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

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: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

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 stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

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: Which of the following are true regarding internal auditors and the adequacy of an organization’s…

A: Answer: I. Internal auditors must understand the risk assessment process and the tools used to make…

Q: The standards are divided into attribute, performance and implementation guidance. Classify the…

A: The answer for the theory question on classification of attribute and performance standards is…

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

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

Q: Which of the following type of auditors reviews the routine activities and provide suggestion for…

A: Routine activities are those activities which are carried out by the organization on daily basis.…

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

A: Internal auditors are auditors which are internal to the organisation and they are the employees of…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with a.…

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: Describe and define the assertions that management makes about the recognition, measurement,…

A: Assertions are criteria that assess the accurate and fair portrayal of financial statements in the…

Q: An independent examination and evaluation of the financial statements of an organization is called…

A: Businesses are often managed and controlled by managers that are hired employees of the…

Q: Identify which of the major fundamental principles (responsibilities, performance, or reporting) is…

A:

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: Which of the following is most closely related to the responsibilities principle?a. The auditors’…

A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements…

Q: Using your selected objective, create an audit plan of the organization's financial statements that…

A: Audit planning is one of the basic principles for governing an audit.Auditor should plan his work to…

Q: Describe the fundamental principle ofresponsibilities and how this principlerelates to the…

A:

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: One of an accounting firm’s basic objectives is to provide professional services that conform to…

A: Definition: Quality control: Quality control is a set of guidelines that helps in ensuring that the…

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: Characteristics of internal accounting information includeall of the following except:a. It is…

A:

Q: A typical objective of an operational audit is for the auditor toa. Determine whether the financial…

A: OPTION C IS THE ANSWER

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: Which of the following type of auditors provides an opinion on the truthfulness and fairness of the…

A: Introduction: Auditing: Auditing means examining the financial reports, internal process scrutiny ,…

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: Which of the following are reasons for the audit profession issuing auditing standards?…

A: Auditing standards need auditors to get a correct understanding of the Business Associate in Nursing…

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: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: List and briefly explain each of the Auditing Standards Board’s management assertions. List at least…

A:

Q: Which of the following is the independent auditor’s principal purpose for obtaining an understanding…

A:

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: Discuss the various options for properly positioning an internal audit function within an…

A: The following are the various options for effectively positioning an internal audit function within…

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 one is not the responsibility of management towards auditor.

A: As per ISA 210 ( Agreeing to the terms of audit engagement )  Preconditions of an audit include…

Q: Audit documentation is covered in _________. a. ISA 200 b. ISA 250 c. ISA 300 d. ISA 230

A: ISA 230 Audit Documentation is one of the International Standards on Auditing. It serves to direct…

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

A:

Q: which of the following areas would an internal audit be required to have proficiency when carrying…

A: Internal auditor be required to have proficiency when carrying out an audit of corporate governance…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: Internal Auditor - It is the person having trained professional tasked with providing separate,…

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

A: Introduction:

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with а.…

A: Auditing is the verification for the financial statements prepared by the entity so that necessary…

Q: Which of the following statements is correct when obtaining an understanding about the client's…

A: After the acceptance of the engagement, auditor shall obtain following information.

Q: What is the general character of the responsibilities characterized by the Performanceprinciples?(1)…

A: