The Statement That Best Describes Internal Auditing Is

Internal auditing is the catalyst that improves an organizations governance risk management and management controls by providing insight and recommendations based on the analysis and assessments of data and business processes. An auditor should obtain absolute assurance that material misstatement in the financial statement will be detected.

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Internal auditing is an assurance and consulting activity.

. An auditor is responsible to detect material errors but has no responsibility to detect material fraud that is concealed through employee collusion or management override of internal control. Internal auditing involves evaluating compliance with laws regulations and contracts Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets. It helps an organization.

The responsibility for detecting noncompliance exactly parallels the responsibility for errors and fraudb. Best describes the scope of internal auditing as it has developed to date. Which of the ff.

Different interests may exist between the entity preparing the statements and the. Management and the external auditor share equal responsibility for the fairness of the entitys financial statements in accordance with GAAP. Internal auditing is a dynamic profession.

By independent external auditors. By a team consisting of an equal number of external and internal auditors. The auditors responsibility is to consider the appropriateness of managements use of the going concern assumption and consider whether there are material uncertainties about the entitys ability to continue as a going concern that need to be disclosed in the financial statements.

Which of the following statements best describes the role of materiality in a financial statement audit. The audit committee is a group of non-executive directors charged with the oversight of both internal as well as external auditors. The audit committee is a group of executive directors charged with the oversight of internal auditors.

Which of the following statements best described the relationship between an external auditor and an internal auditor. Explicitly referred to in the scope paragraph of the auditors standard report. Which of the following best describes the reason why an independent auditor is often retained to report on financial statements.

The auditors responsibility is to give a guarantee. Value and improve an organization s operations. Internal auditing has evolved to more of an operational orientation form a strictly financial orientation.

Which of the following is a false statement about the relationship between internal auditors and external auditors. A To ensure all weaknesses in the internal control system are corrected B To develop the audit plan C To provide reasonable assurance that the processes will enable the. Accomplish its objectives by bringing a systematic disciplined approach.

While an external auditor shall be more interested with operational auditing. Internal auditing has evolved to evaluating all risk management control. Which of the following statements best describes the audit committee.

Only when an operating divisions is experiencing declines in productivity or profitability. Which of the following best describes the. A client has used an inappropriate method of accounting for its pension liability on the balance sheet.

An example of an assurance service is an A charter is one of the more important factors positively affecting the. By the internal auditors at the request of top management or board of directors. Which of the following best describes the scope of internal auditing as it is developed to date.

Materiality refers to the material from which audit evidence is developed. According to the definition of internal auditing Internal auditing is an. Which of the following best describe the operational audit.

The audit committee is a group of. Auditors must design tests to detect all material noncompliance that indirectly affects. Which of the following statements best describes auditors responsibility for detecting a clients noncompliance with a law or regulationa.

Internal auditing is a dynamic profession. 1 It requires the constant review by internal auditors of the administrative controls as they relate to operations of the company. Independent objective assurance and consulting activity designed to add.

The resulting misstatement is moderately material but the auditor does not consider it to be. The statement that best describes internal auditing is an independent and objective-assurance activity within an entity. Internal auditing involves appraising the economy and efficiency with which resources are employed.

Internal auditing involves evaluating the effectiveness and efficiency with which resources are employed. In attempts and is designed to verify the fair presentation of a companys results of operations. Solutions for Chapter 4 Problem 42MCQ.

The auditing standards used to guide the conduct of the audit are. Which of the following statements best describes managements and the external auditors respective levels of responsibility for a public companys financial statements. Internal auditing involves evaluating compliance with policies plans procedures laws and regulations.

Internal auditing involves appraising the economy and efficiency with which resources are employed. An internal auditor is more likely to be concerned with internal accounting control. The higher the level at which the auditor assesses materiality.

8 Which of the following best describes internal auditings primary purpose in reviewing the organizations existing governance risk management and controls processes. Management fraud may exist and it is more likely to be detected by independent auditors than by internal auditors. Although the external auditors and the internal auditors have differences in the independence.

Internal auditing has evolved to verifying the existence of assets and reviewing the means of safeguarding assets.

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