Answered: The authority to appoint first…

The authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Government

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 8RQSC

See similar textbooks

Related questions

Q: The agency problem underlies the need for sound corporate governance. In this context, the 'agents'…

A: The agency problem is a conflict of interest inherent in any relationship where one party is…

Q: Who bears the responsibility of the preparation of company’s financial statements? A The…

A: The external auditors are responsible for the auditing of the company

Q: Companies are required to follow the laws and regulations including company law, tax law and…

A: Internal control procedures are those procedures which are adopted to ensure fulfilment of…

Q: From the options enunciated here under identify the external user of financial information. a.…

A: Users of financial information are categorised into 2 types external and internal users…

Q: Which type of auditor audits the financial information prepared by various federal government…

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the…

Q: Corporate officers are Group of answer choices elected by the shareholders. appointed by the board…

A: Corporate officers are individuals who are responsible to for day to day operations of the company.…

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: what does the success of the board of directors in fulfilling its oversight responsibilities depend…

A: Answer: The board of directors of any company are formed so that to check the operations of the…

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

A: Internal auditor performs internal audit functions.

Q: Which of the following is NOT a dimension of corporate governance: Select one: a. Suppliers…

A: Corporate Governance Corporate governance is a structure or a system of organization's rules,…

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: The Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: What provisions of the AICPA Council Resolution on form of organization place control of…

Q: Who is responsible for the Governance function? a. Board of Directors b. Internal Auditors c. None…

A: Governance is the process of reviewing processes and operations in the organisation, so that all…

Q: 44. All are found in the By laws, except: Group of answer choices Rights and obligations of a…

A: Bylaws are the rules and regulations that a company has to follow to run its business. It is a…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: What position is typically responsible for general financial accounting, managerial accounting, and…

A: General financial accounting means to do the regular accounting reporting, managerial accounting…

Q: Board of Director

A: Correct Answer :- D Board of Director.

Q: The scope of the internal audit is decided by the : 1/ government ✅2/ shareholders 3/ audit firm 4/…

A: Internal auditor is the trained professional who offer independent as well as objective evaluations…

Q: 47-Which of the following are not the rights of the auditors? a) The right to all information and…

A: An audit is an examination of the financial statement by an auditor to check whether the financial…

Q: Financial statements of public companies are required to be audited by O an independent certified…

A: As per Bartleby's answer guidelines. One question is answered Audit of Public companies: As per the…

Q: An internal auditor is primarily responsible to: a. The Customers b. The Management c. The Creditors…

A: Audit is the review and examination of books of account and financial information of the business in…

Q: “IFAC defines the public interest as the net benefits derived for, and procedural rigor employed on…

A: Introduction: International Federation of Accountant (IFAC): It is an international association for…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: As per ISA 570, Who of the following is responsible for assessing the entity going concern…

A: Auditor is the person who is responsible for performing audit work. Going concern assumption says…

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: Who has power to decide the external auditor's remuneration?Single choice. Shareholders can…

A: External auditor is entrusted with the task of conducting a detailed examination of financial…

Q: Governance issues include the following except; Select one: a. Disclosure and transparency b. Role…

A: The term Governance refers to process which is designed to ensure the following quality in the…

Q: Who makes recommendations in relation to appointment, reappointment and removal of external auditor?…

A: Introduction: Auditing: Auditing means inspection of processes and Accounting books to eliminate the…

Q: Question 1 (i) According to the National Code of Corporate Governance of Mauritius, the Chairperson…

A: ANSWERS HAVE BEEN GIVEN IN NEXT SHEET

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Detail the roles of non executive director , chief finance officer (CFO), Audit Committee and…

A: Roles of Non-executive director: The non-executive director is responsible for reviewing and…

Q: An audit report is normally addressed to

A: Shareholders are considered as the owners of the company. They are not involved in the day to day…

Q: Who could decide the terms and conditions of appointment of internal auditor? a. Management of the…

A: An internal auditor (IA) is an independent person or professional who is responsible to evaluate the…

Q: Who are potentially the most effective instrument of good governance of a corporation? a. Government…

A: Corporate governance is the team which formulates, checks and implements rules and regulation of the…

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: 4. The auditors' report may be addressed to the company whose financial statements are being…

A: The auditing means to examine the financial statements of the business by the certified auditor.

Q: The scope of external audit is decided by the: a. Shareholders b. Government c. Management d. Audit…

A: Audit means checking and authenticating the financial statements of the company whether they are…

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: The fair presentation of financial statements in conformity with applicable financial reporting…

A: The financial statements of the business includes balance sheet and income statement.

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: to appointment, reappointment and removal of external auditor? Shareholders Management Audit…

A: The primary purpose of a company's audit committee is to provide information on the financial…

Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…

A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…

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…

Question

The authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Government

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Monitoring By the Board of Directors and Others

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

Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members
The oversight of the company is ultimately responsibility of: a. Government b. Management c. Shareholders d. Board of Director
The scope of external audit is decided by the: a. Shareholders b. Government c. Management d. Audit firm
The scope of the internal audit is decided by the : 1/ government ✅2/ shareholders 3/ audit firm 4/ management
The primary responsibility for the preparation of the financial statementsis reposed in A. AccountantB. Internal AuditorC. President of the EntityD. Management of the Entity
Choose from the following the primary responsibility of an internal auditor is to _________ a. The Directors b. The Shareholder c. The Creditors d. The Management
What provisions of the AICPA Council Resolution on form of organization place control of accountingservices in the hands of CPAs?
9. Internal auditors are appointed by ______________ of the company. a. Legal advisers b. Shareholders c. Management d. All the given options
Which of the following tasks is a function of an audit committee? Select one: a. Making decisions regarding the purchase of company assets. b. Appointing the external auditor. c. Preparing the financial report for audit. d. Overseeing the application of appropriate accounting policies and procedures to ensure appropriate disclosure.
Which department is IN charge in overseeing the External Audit Activity? Audit Committee Internal Audit Department Accounting Department Human Resource Department
What do the ASX Corporate Governance Principles say about having an internal audit function?
14. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one:a. President.b. Chief financial officerc. Chief operating officerd. Board of Directors.