Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 26, Problem 15.1MCQ
To determine
Identify the person to whom reporting will assure independence of the internal audit department.
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The independence of the internal audit department will most likely be assured if itreports to the(1) president. (4) audit committee of the board of directors.(2) controller. (5) vice president of finance.(3) treasurer.
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
g. In general, internal auditors' independence will be greatest when they report directly to the:
Multiple Choice
O
Financial vice president.
Corporate controller.
Audit committee of the board of directors.
Stockholders.
Chapter 26 Solutions
Auditing And Assurance Services
Ch. 26 - Prob. 1RQCh. 26 - Prob. 2RQCh. 26 - Prob. 3RQCh. 26 - Prob. 4RQCh. 26 - Prob. 5RQCh. 26 - Prob. 6RQCh. 26 - Prob. 7RQCh. 26 - Prob. 8RQCh. 26 - Prob. 9RQCh. 26 - Prob. 10RQ
Ch. 26 - Prob. 11RQCh. 26 - Prob. 12RQCh. 26 - Prob. 13RQCh. 26 - Prob. 14RQCh. 26 - Prob. 15.1MCQCh. 26 - Prob. 15.2MCQCh. 26 - Prob. 15.3MCQCh. 26 - Prob. 16.1MCQCh. 26 - Prob. 16.2MCQCh. 26 - Prob. 16.3MCQCh. 26 - Prob. 17.1MCQCh. 26 - Prob. 17.2MCQCh. 26 - Prob. 17.3MCQCh. 26 - Prob. 18.1MCQCh. 26 - Prob. 18.2MCQCh. 26 - Prob. 18.3MCQCh. 26 - Prob. 19DQPCh. 26 - Prob. 20DQPCh. 26 - Prob. 21DQPCh. 26 - Prob. 22DQPCh. 26 - Prob. 23DQPCh. 26 - Prob. 24DQP
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- The authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Governmentarrow_forwardWhat is meant by internal control based on the professional standards of a public accountant is:a. A process carried out by the Board of Directors and the Board of Commissioners which is designed to provide adequate assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.b. A process carried out by the Board of Commissioners, management and other personnel of the entity that is designed to provide reasonable assurance about the reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws.c. A process carried out by all members of the internal audit department of a company to detect errors in the processes run by the companyd. B and C are correcte. All wrongarrow_forwardWhich 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.arrow_forward
- Which department is IN charge in overseeing the External Audit Activity? Â Audit Committee Internal Audit Department Accounting Department Human Resource Departmentarrow_forwardOne of the duties of an audit committee is to provide financial information at first to the board of director for taking appropriate decision which is in the favor of organization. The qualitative aspects of financial information include ________________. a. Not only providing financial data but adding recommendations for board of directors b. All of the options c. Providing non-financial data for getting insights d. Financial data of past and present yearsarrow_forwardQuestion: In corporate governance, what is the primary function of an audit committee? A) Financial statement preparation B) Internal control evaluation C) Marketing strategy development D) Employee training and developmentarrow_forward
- Which of the following individuals is incharge of the Policies and Procedures of the Organization  Chief Audit Executive only Management Certified Public Accountant Internal Auditorarrow_forwardUnder the Public Financial Management Act, Audit Committees are required to play important roles in corporate governance and Accountability.arrow_forwardThe Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to auditor–client relations. b. Increased regulations related to internal control. c. Increased regulations related to corporate executive accountability. d. All of the above.arrow_forward
- Governmental auditing can extend beyond audits of financial statements to include audits ofan agency’s efficient and economical use of resources anda. Constitutionality of laws and regulations governing the agency.b. Evaluation of the personal managerial skills shown by the agency’s leaders.c. Correspondence of the agency’s performance with public opinion regarding the socialworth of its mission.d. Evaluations concerning the agency’s achievements of the goals set by the legislature forthe agency’s activities.arrow_forwardWho appoints the internal auditor? a. Management b. Government c. External stakeholders d. Membersarrow_forwardA transaction-level internal control activity is best described asa. An action taken by auditors to obtain evidence.b. An action taken by client personnel for the purpose of preventing, detecting, and correcting errors and frauds in transactions to eliminate or mitigate risks identified by thecompany.c. A method for recording, summarizing, and reporting financial information.d. The functioning of the board of directors in support of its audit committee.arrow_forward
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