The committee of the board of directors who is in charge of monitoring circumstances that might prevent the entity from achieving their objectives Group of answer choices Management committee Audit committee Compensation committee Risk committee

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

A:

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 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: Explain how an audit committee could improve its effectiveness on internal auditor's internal…

A: An audit committee is a board of directors committee that is in charge of overseeing the financial…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: It is true that audit committees are not directly involved in preparation of the financial reports…

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management  and Those charged with governance the  Financial statements…

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: 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: The primary purpose for obtaining an understanding of the entity’s environment (including its…

A: Definition: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires…

A: Enterprise risk management :-  It provides framework for risk management. It Involves the…

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: why is an active board of directors audit committee important to an organization?

A: Audit: An audit is an organized and self-regulated inspection of books of accounts. This inspection…

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: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

A: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

Q: internal audit activity's role

A: First option is wrong because one among the choices is the correct answer. Second option is wrong…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

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: In the integrated audit of an issuer, which of the following would not be considered an entity-level…

A: Internal control is the managements’ effective and efficient controls for achieving goals and…

Q: Discuss the problems associated with initiatives that have been put forward to ensure independence…

A: To ensure the audit committee's independence, it's a number one application for the bulk of its…

Q: how we share our findings and concerns with the board of directors in internal control system?

A: Management is in-charge of the establishment and maintenance of the internal audit function. An…

Q: we discussed the role of an active board of 'directors' audit committee from different aspects. In…

A: The primary function of the audit committee of the company is to provide oversight of the financial…

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: The attitudes and actions of those charged with governance concerning an entity's internal control…

A: Control activities involves policies and procedure taken by the management to minimize risk. It…

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

A: Audit committee is responsible for reviewing and monitoring responsiveness to the Internal Audit…

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

A: Financial statements include the Income Statement, Balance Sheet, Statement of Cash flows, and…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the…

A: Centre for Audit Quality (CAQ) is affiliated to the AICPA. As the name indicates CAQ is focused…

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: What measures does the governance board can put into place to establish ethical expectations.

A: Corporate governance is established by an organization where rules are set to operate and regulate…

Q: Discuss the problems associated with initiatives that been put forward to ensure independence of…

A: SOLUTION- To ensure the audit committee's independence, it's a number one application for the bulk…

Q: The existence of significant influence by an investor is usually evidenced in one or more of the…

A: SOLUTION- EXPLANATION- THE EXISTENCE OF SIGNIFICANT INFLUENCE BY AN INVESTOR USUALLY EVIDENCED IN…

Q: Which of the following is more likely to occur when an entity has effective internal controls?…

A: Internal control means the mechanisms, rules, procedures etc. which are implemented by a company to…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Audit is conducted by auditor in which auditor assures (or denies) that the financial statements of…

Q: If the auditor identifies any events or conditions that may cast significant doubt on the entity's…

A: Auditor is the person who is responsible for performing audit work in the organisation. Audit means…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…

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…