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Multiple Choice Questions
The following questions deal with independence of auditors. Choose the best response.
a. The operational auditor's independence is most likely to be compromised when the internal audit department is responsible directly to the (1) Vice president of finance. (2) President. (3) Controller.(4) Executive vice president.(5) Audit committee of the board of directors.
b. The independence of the internal audit department will most likely be assured if it reports to the (1) President. (2) Controller. (3) Treasurer.(4) Audit committee of the board of directors.(5) Vice president of finance.
c. You have been asked to assess the organizational independence of an internal audit activity. You should consider all of the following factors except (1) Functional reporting to the board and administrative reporting to the chief executive officer.(2) The criteria of education and experience considered necessary when filling vacant positions on the internal audit staff.(3) The degree to which internal auditors assume operational responsibilities.(4) A limitation on the scope of objectives for the engagements included in the review.
write a cholecystectomy audit reportmethodology is the manner and method that was used in the collection of data. data
Explain briefly the term systematic selection as used in auditing and indicate the precautions to be taken if a random sample is to be obtained. Is systematic selection applicable to unnumbered documents? Explain
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You are independent with respect to the Coffin brothers and their Coffin Auto Speed Shop business. Prepare a report on your compilation engagement.
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Explain why professional skepticism is important in making professional judgments. What are the types of actions that a professionally skeptical auditor will take?
Distinguish between vulnerabilities and threats. Provide examples that illustrate these distinctions. In what way are vulnerabilities and threats related to consequences of the threats that are carried out?
You are an accountant at a local CPA firm that is auditing the accounting records of XYZ Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit.
What is the issue in this situation and what sections of the Act are bought into question? Is there something that should be in place with the audit firm?
Prepare a memo to the audit partner on the 'state of the company's industry' and associated risk factors -Understanding planning stage of the audit process-review of client business and perform audit risk analysis
Prepare a strategic audit for Wal-Mart. Write a synopsis for Wal-Mart, covering the following points:
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