Answered: 1. This is the evaluation of…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 7CYBK: What are the components of internal control per COSO’s Internal Control—Integrated Framework? a....

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

1. This is the evaluation of activities, systems, and controls within an enterprise for efficiency, effectiveness, and economy. *

a Financial audit

b. Compilation review

c. Compliance audit

d. Operations audit

The objectives of an operations audit are established based on the following, except: *

a. the scope and potential risks.

b. characteristics of products, processes, projects, and any changes to them.

d. management systems, contractual, and legal requirements

management goals and priorities

3.These performance measures draw attention to unfairness of potential social irresponsibility in terms of corporate policy and practice. *

a. Efficiency performance measures

b. Economy performance measures

c. Effectiveness performance measures

d. Equity performance measures

4. One of the activities of management to promote operations audit of efficiency is project and operations management. Which of the following criteria will be used by the auditor to evaluate whether or not the entity meets the audit objective? *

a. Cost variation

b. Service delivery alternatives

c. Reporting efficiency savings

d. Utilization of production capacity

5. In this stage of the operations audit process, assess conformity with the program, schedule, and objectives, and then assess the performance of the audit team. *

a. Reviewing and improving the audit program

b. Monitoring the audit program

c. Establishing the audit program

d. Implementing the audit program

6. In the management activity of " commitment and tone from the top," which of the following will not be used by an operations auditor to assess whether or not the entity meets the audit objectives? *

a. Clear expectations

b. Efficiency as a priority

c. Established base lines

d. Risk assessment

7. These performance measures highlight potential opportunities to convert given resources to the end product with less waste. *

a. Economy performance measures

b. Efficiency performance measures

c. Equity performance measures

d. Effectiveness performance measures

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions