Internal auditors have one of the highest incidents of fraud detection (higher then external auditors). Why might this be true? To what extent would you think internal auditors include fraud detection responsibility in their normal audit assignments?
Answer to relevant QuestionsWhy might fraud examiners’ attitudes about control systems and materiality differ from that of other auditors?In an internal auditor’s report, audit findings would include all of the following except a. The effect of audit finding on the auditee or the company. b. The cause of the audit finding. c. The relevance of the audit ...Which of the following best describes how the detailed audit plan of a financial statement auditor compares with the audit client’s comprehensive internal audit plan? a. The comprehensive internal audit plan covers areas ...Which two of the following characterize the work of fraud examiners? a. Analysis of control weaknesses for determination of acceptable fraud risk. b. Analysis of control strengths as a basis for planning other audit ...External auditors usually calculate inventory turnover (cost of goods sold for the year divided by average inventory) and use the ratio as a broad indication of inventory age, obsolescence, or overstocking. External auditors ...
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