Which of the following statements is false when a company’s internal audit department is asked to complete consulting work? In some instances, management or the audit committee may be somewhat averse to the concept that internal auditors should provide consulting services, primarily because they fear it would impair the internal auditors’ objectivity. the internal audit charter should include provisions for consulting engagements as the internal audit function would then have access to all areas of the organization when performing consulting engagements as it does when performing assurance engagements. Not including consulting services in the charter will never create confusion should the internal audit function decide to provide any form of advice, and will never increase the likelihood for disagreement regarding the internal audit function’s position on consulting services.

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The following independent situations raise questions about an auditor’s ethical conduct:   An auditor accepts an engagement knowing that she does not have the specialist knowledge required. An auditor discloses confidential information about a client to a successor auditor. A public accountant agrees to be the committee chairperson for a local fundraising activity. 4.       An auditor accepts a commission from an insurance company for recommending it to one of its audit clients   Indicate in each of the above situation whether the effect on professional ethics is (i) a violation or (ii) not a violation, and explain the reason

Which of the following is not True about External Auditors? i) External Audit is an audit function performed by a Independent body which is a part of the organization. ii) External Auditor provides an Opinion on the effectiveness of the operational activities of the organization. iii) External Auditor checks the accuracy and validity of Operational activities of the Organisation iv) External Auditors analyzes and verifies the financial statement of the company Only iv) is not True i) ,ii) and iii) are not True Only ii) and iii) are not True Only i) is not True

Which of the following matters is an auditor not required to communicate to those charged with governance? A. Significant adjustments arising from the audit that were recorded by management. B. The basis for the auditor's conclusions about the reasonableness of management's sensitive accounting estimates. The level of responsibility assumed by the auditor under generally accepted auditing standards. The degree of reliance the auditor placed on the management representation letter.. O C. D.

explain. the choices. An auditor is required to communicate significant deficiencies in internal control to Audit committee of the board of directors. Creditors and board of directors. Board of directors and internal auditors. Internal auditors and senior management.

Critical audit matters are most likely to include those matters that: Multiple Choice Are communicated to the Public Company Accounting Oversight Board. Involve challenging, subjective or complex auditor Judgment. Are material weaknesses in internal control. Involve significant risks.

Many companies request that their auditors provide them with other services, such as tax or consultancy, as well as the external audit. Discuss the arguments for and against auditors providing non-audit services.

Impact of Changing Rules. Many companies outsource their internal audit function to CPA firms.Required:a. What benefits might be gained from having a CPA firm provide its internal audit services?b. What benefits might be gained from having an in-house internal audit department?c. What concerns might arise from having a CPA firm provide its internal audit services?

What are key audit matters? How do these affect the format of the audit report? b) Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart iswriting a report for his audit partner based on these results and will be attending a meetingtomorrow with the partner and representatives of the company to discuss them. The issue will bewhether the financial report should be amended, or additional notes included for thesesubsequent events.Many of the items are not material and Stewart will recommend that no action be taken withrespect to these. However, there are several items that Stewart believes are material and shouldbe discussed at the meeting. These are as follows.(a) The board is planning to issue shares in a private placement on 15 August. (b) The share issue is to fund the purchase of a 60 per cent stake in another company. Thenegotiations are in the final stages and although the contract is not yet signed it will be signedby 15 August. (c) A writ was…