Which one of the following is not true about internal auditors? Reports to management or those charged with governance It is not necessary for the internal auditor to be an expert in all the branches of business Helps in improving the company's operations by reviewing the efficiency and effectiveness of internal controls Wider in scope and dependent on the requirements of the management

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: information should be communicated to management

A: Internal control system is the set of policies and procedures implemented in an organization to…

Q: Given this, is the audit committee all that it is made out to be or is there still a case for the…

A: An audit committee is a subcommittee of the governing body of an entity, concerned with the quality…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Familiarity threat may occur when, because of a close relationship, a professional accountant…

Q: Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…

A: Auditing is the process that is followed by a business to check the accuracy of the financial…

Q: Which of the following is NOT likely to be considered as a management function? 1.Creating a…

A: The functions of management briefly refers to process of planning, controlling, staffing,…

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

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

Q: Which of the following control objectives in the General Ledger activities under the…

A: R2R is a Finance and Accounting (F&A) management process that entails gathering, analysing, and…

Q: 20. The following are characteristics that may signal important information to the auditor about…

A: The concept and working style of management:

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Answer: There is threat to auditor independence. These are of various kinds: self interest threat…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: Which of the following statements is characteristic of monitoring activities within the internal…

A: Internal controls system includes a set of rules, policies, and procedures an organization…

Q: Your company, Tractors, Inc., is employing the SDLC for its new information system. You have been…

A: Primary Facts:   The primary fact is also known as a raw facts or figure which is directly collected…

Q: audit engagement

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

Q: Companies of all sizes try to reduce business risks, create disaster recovery plans, and also…

A: Business risk Business risk is the risk of lowering the profits of a company. Any factor that…

Q: Which of the following are indicators of a high-risk or low-risk profile client? Explain? Poor…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following would be considered the most significant problem for internal auditif the…

A: The most significant problem for internal auditif the chief audit executive reports to the…

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: Financial statements that have been audited and verified by an external auditor are considered more…

A: Financial statements are the indicator of financial position of the business. It includes Income…

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: Which of the following items is an example of an inherent limitation in an intrnal control system?…

A: Internal control defined as the process designed,implemented and maintained by management,those…

Q: To what extent do auditors contribute to the smooth functioning of a company? Using appropriate…

A: Auditing: Cross-checking financial records with physical inventory and other data is called…

Q: You are an audit supervisor assigned to a new client which is listed on a Stock Exchange. You…

A: Audit:- An audit is considered as the physical examination of books of accounts of a company through…

Q: According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in…

A: The IIA in their paper specified internal audit’s role in relation with ERM. Roles to be performed…

Q: External auditors are very important gatekeepers. What was the cause of the breakdown in the…

A: Auditing can be defined as the verification and examination of the financial statement that is…

Q: Which of the following is not the function of audit committee? a)To make recommendations about…

A: An audit committee seems to be a body of non-executive directors appointed by and working under the…

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: Which of the following is true of internal​ control?         A. Internal control procedures tend to…

A: Internal control  is implemented  in organizations  by management

Q: Which choice is the best example of an independent auditor? A. CPA who has a significant…

A: Independent auditor are certified public or Chartered Accountants who examine the financial…

Q: Johnson, CPA, has been engaged to audit the financial statements of Rose, Inc., a publicly held…

A: The control environment describes how the company must operate its internal control system.

Q: Assume that management had determined that its organization’saudit committee is not effective. How…

A: Here discuss about the details of weakness of the Audit committee which are affected into the…

Q: ritique the following claim: External auditors independence would be strengthened if company…

A: Auditor is a person who is entrusted to verify the accuracy of records and authorised to review the…

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: Address the questions in perspective of auditing 1.    How can internal auditors use histograms…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What role does the auditor play in gaining a knowledge of internal control? What is the difference…

A: Before completing audit processes, the auditor is responsible for knowing the organization's…

Q: 4 Jamie is an auditor. While preparing to audit his client, FoodCourt, he finds a weakness in the…

A: The following concepts are discussed below.

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: Veronica is the information systems (IS) auditor of Puno Corporation. In the execution of the audit,…

A: Veronica who is the auditor in this case can gather evidence by examining records or can conduct…

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: The primary difference between operational auditing and financial auditing is that in operational…

A: Operational audit means examination of the operation whether the operations  are conducted  in the…

Q: Explain one way the external auditor's responsibilities regarding a public company's system of…

A: Auditor is the independent personnel who is responsible to evaluate and check the accuracy and…

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…

Q: 1. External auditors should consider the work of internal auditors in their assessment of control…

A: Auditors are the individuals conducting an examination called audit on the business entities so as…

Q: (1) indicate whether you believe the scenario reflects negatively on management integrity, and…

A: Management Integrity is the inbuilt quality of the managers to follow the code of ethics defined for…

Q: An internal audit function has agreed to conduct an advisory consulting engagement related to…

A: Consulting engagement :        As the name suggests it is a type of engagement that includes…