Independence precludes rel ships that may impair the auditor's objectivity. * O True O False The nature of audit procedures refers to what procedures are performed. O True OFalse
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- 1. Which of the following statements correctly describes why internal auditors are well positioned to coach management on responding to risk? a. Internal audit may have been responsible for identifying the management's current response to risk is an area of weakness within the risk management framework b. Internal audit's analytical training and audit experience enable it to find solutions for weak systems or controls c. Internal audit has appropriate experience and skill set in governance and risk management to teach management about the areas in ERM that are not working and need improvement d. Internal auditors are accustomed to dealing with confidential matters and thus provide a safe environment in which a client can talk about all matters of concern without fear of repercussion 2. Which of the following is not a benefit of risk mapping and prioritization? a. The results help an enterprise to communicate better its risk aggregated risk profile to key external…What services might the internal audit function provide in lieu of performing an assurance engagement?3. In preparing for an integrated report, and the cost outweigh the benefit, can still integrated reporting be opt? Explain.
- Explain why inherent risk is set for audit objectives for segments(classes of transactions, balances, and presentation and disclosure) rather than for theoverall audit. What is the effect on the amount of evidence the auditor must accumulatewhen inherent risk is increased from medium to high for an audit objective?{Auditing} 40. In June 2005, IESBA issued a revised Code of Ethics for Professional Accountants. What does the term IESBA stands for? a. Integrity and Ethics Standards Board for Accountants b. Institutional Ethics Standards Board for Auditor c. Internal Ethics Standards Board for Auditor d. International Ethics Standards Board for AccountantsWhich of the following best describes the operational audit?(1) It requires the constant review by internal auditors of the administrative controls as they relate to the operations of the company.(2) It concentrates on implementing financial and accounting control in a newlyorganized company.(3) It attempts and is designed to verify the fair presentation of a company’s resultsof operations.(4) It concentrates on seeking aspects of operations in which waste could be reducedby the introduction of controls.
- For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations. a. Boards need to consist of at least 3 independent directors of 1/3 of the board which is higher. b. Boards need to hold regular executive sessions of independent directors without management present.4.2 - The evidence that is gathered by an auditor plays a crucial role in the results of the audit and the recommendations that are provided to management. There are TWO (2) attributes with regard to evidence that an auditor will need to meet before concluding the audit. What are these attributes and why are they important?Subject accounting information system.. answer in long explain 4. What are the characteristics of good or useful information? 5. What are the levels of data hierarchy ? 6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT function.
- The following questions concern audit reports other thanunqualified audit reports with standard wording. Choose the best response.a. The annual audit of Midwestern Manufacturing revealed that sales were accidentallybeing recorded as revenue when the goods were ordered, instead of when they wereshipped. Assuming the amount in question is material and the client is unwilling tocorrect the error, the CPA should issue:(1) an unqualified opinion or adverse opinion.(2) a qualified “except for” opinion or disclaimer of opinion.(3) a qualified “except for” opinion or adverse opinion.(4) an unqualified opinion with an explanatory paragrapha. Discuss the issues raised by the Board of ABC regarding the appointment of an internalauditor. In your discussion, recommend how the issues can be resolved. b. Describe the process the internal auditor would have to undertake in auditing theorganisation.How does an auditor evaluate the unadjusted misstatementschedule (also called summary of possible misstatements) at the end of the audit engagement to assess whether the financial statements are fairly presented? Is the auditorrequired to discuss the schedule with anyone else?