Do you believe the internal audit activity should be independent? Explain.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Internal auditors cannot be totally independent as they are hired fired and paid by the company However internal auditors should be independent of the ...View the full answer
Answered By
Chiranjib Thakur
I have no tutoring experience yet, but I can share my skills and knowledge gained from my education and work experiences. I have been a CPA since 2012 with 6 years of work experience in internal auditing and 4 years of work experience in accounting at the supervisory level.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Ethical Obligations and Decision Making in Accounting Text and Cases
ISBN: 978-1259730191
4th edition
Authors: Steven Mintz, Roselyn Morris
Question Posted:
Students also viewed these Accounting questions
-
Select the best answer. 1. What basis of accounting do enterprise and internal service funds use? 2. Which of the following is not a GASB-required statement for proprietary funds? a. Statement of net...
-
You are evaluating audit results for assets in the audit of Roberts Manufacturing. You set the preliminary judgment about materiality at $50,000. The account balances, tolerable misstatement, and...
-
Do you believe the documentation included in tax accrual audit work-papers is likely affected by auditors knowledge that those work-papers can be obtained by the IRS? Explain.
-
Find the nth, or general, term. a. 1, 3, 9,...... b. 25, 5, 1,....... c. 1, -1, 1, -1, .....
-
During the Asian crisis, why did the discount of the forward rate of Asian currencies change? Do you think it increased or decreased? Why?
-
What does a run of 5 points above or below the centerline in a control chart imply?
-
Copy your worksheet from Question 6 into another worksheet. Change the increase from 10% to 18%. Protect the worksheet, so that changes cannot be made. Question 6 Open a new spreadsheet. Type...
-
A sample of nine public universities and nine private universities was taken. The total cost for the year (including room and board) and the median SAT score (maximum total is 2400) at each school...
-
You have just been named Director of Data Administration of General Hardware Co. General Hardware maintains a large, central IS organization with several operational relational databases at its...
-
Using the Input Job Variable Costs' use case and the information, both below, create a sequence diagram illustrating a Team Leader (TL) updating a Job's variable costs at the completion of a job. The...
-
How might financial incentives in the form of client services unconsciously introduce auditor bias into the independent audit function? Are there any solutions to the conflict?
-
Do you believe that the SEC should prohibit auditors from providing all non-audit services for audit clients? Use ethical reasoning to support your answer?
-
Refer to Exercise 10.42. Describe the relationship between the ages of the firemen at promotion and the promotion decisions. In exercise Age at Promotion Decision Promotion Decision Under 30 30-39...
-
The China Tee Store sells 100,000 tea bags a year. Additional data are presented below: Selling price per bag Purchase cost per bag Ordering cost per order Carrying cost Number of days the company...
-
12. How many times will the following for loop be executed? for (int count = 10; count
-
What is international currency arbitrage all about? Consider the following data: UK 90-day interest rate = .07 Europe 90 day interest rate = .048 1.00 = 1.200, F 90 = 1.1765 You work for PNB Paribas...
-
Relating to cash items of Kim Corporation, you established the following data as of December 31, 2007: Bank credit memo Bank debit memo Balance per bank statement Cash on hand and in bank, per books...
-
a) What is the output of the Apriori algorithm run on the above transaction database with minimum support of 60%? (1 mark) b) Calculate the CONFIDENCE: C(X-Y), for the following association rules:...
-
Read the definitions of NOPREFIX(A) and NOEXTEND(A) in Problem 1.40. a. Show that the class of CFLs is not closed under NOPREFIX. b. Show that the class of CFLs is not closed under NOEXTEND. Problem...
-
Suppose that a flow network G = (V, E) violates the assumption that the network contains a path s t for all vertices V. Let u be a vertex for which there is no path s u t. Show that there must...
-
1. If you were Yimei, what ethical concerns would exist for you upon discovering the three accounts? What is the first thing you would do upon discovering the three accounts? 2. Assume that FO...
-
1. What is the nature of the contractual allowance account? Can you equate it to other allowance accounts? Explain the rules under GAAP to account for such allowances. 2. Personal morality and ethics...
-
1. Who are the stakeholders in this case and what are their interests? 2. What are Kolbs ethical obligations with respect to the Medicare fraud and her reporting it within Valley View under the AICPA...
-
When would a preferred stock with a stated maturity most likely see its largest decline in price? Select answer from the options below Never, as a stated maturity date for preferred stock is not...
-
When businesses buy new factories and equipment, this is called A. imports. B. investment spending. C. stock investments. D. depreciation.
-
Cost of Production Report: Weighted Average Method The increases to Work in Process-Roasting Department for Highlands Coffee Company for May as well as information concerning production are as...
Study smarter with the SolutionInn App