Identify from the following the department who are responsible to appoint internal auditors and organize independent internal audit a. Legal advisor b. External agency c. Shareholders d. Management

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: 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: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

A:

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: Who is responsible to set policies on internal control? Chief Executive Officer Audit Committee…

A: Internal Control:- It is the process effected by a company's board of directors , management ,…

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Governmental auditing can extend beyond audits of financial statements to include audits ofan…

A:

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

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: A transaction-level internal control activity is best described asa. An action taken by auditors to…

A: Answer:   Option b

Q: Which one of the following statements is true? A. Conflicts of interests between management and…

A: Usually, conflicts between a company's management and its shareholders are known as agency costs and…

Q: Which of the following tasks is a function of an audit committee? Select one: a. Making decisions…

A: Audit committee: It can be defined as a committee that consists of company's board of directors…

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: 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: 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: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are…

A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified…

Q: Internal control system comprises the company's policies, practices and procedures which are…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: The final stage in the client acceptance and continuance decision process involves: a. the auditor…

A: Auditor is the person who is responsible for checking and verifying books of account of the business…

Q: In all audits of governmental units performed according to GAGAS, the most important work isa.…

A: GAGAS (generally accepted government auditing standards) or GAS (government auditing standards):…

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: A review of how an organization’s management and its operating procedures are functioning with…

A: The study and verification of a company’s financial records is described by the term audit in…

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: Comment on the effectiveness of this organizational structur

A: Internal Audit: Internal audit is the process by which organization assures the compliance of rules…

Q: The recommendations applicable to the accounts and audit includes:  a) The board should present a…

A: a) The board should present a balanced and understandable assessment of the company's position and…

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: Identify information that auditors are required to communicate to individuals charged with…

A: AU 265 and AS 16 require auditors to communicate all significant internal control deficiencies and…

Q: Identify the following as True or False:A. Managerial accounting reports must comply with the rules…

A: Managerial accounting is concerned with a company's inner financial operations, whereas financial…

Q: Operational audits generally have been conducted by internal auditors and governmental audit…

A: Operation audit is a systematic review of effectiveness, efficiency, economy of the operation.…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: 12.Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…

A: Ans. The companies which are required to constitute an audit committee has many responsibilities…

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: Which of the following combinations of standards and types of audits are most closelyrelated to the…

A:

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: 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 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: Which of the following type of auditors provide an opinion on the effectiveness of the operational…

A: Audit definition -  Audit is an independent examination of financial information of an entity…

Q: Governmental auditors’ independence and objectivity are enhanced when they report theresults of an…

A: Governmental audit: The process which evaluates the faithful and fair representation of financial…

Q: Choose from the following the primary responsibility of an internal auditor is to _________ a. The…

A: The Internal Auditor are different than the External Auditor in terms of Scope of Work and the…

Q: An organization’s internal audit department is usually considered an effective control mechanism for…

A: Internal Audit: Internal audit is the process by which organization assures the compliance of rules…

Q: The accuracy and the presentation of the Public listed companies financial reports is the primary…

A: Auditing is the official inspection of the books of a company and to make sure they are complying to…

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…