8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing governance, risk management and controls processes? 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 organization's objectives and goals to be met D) To offer an opinion as to whether the financial statements are fairly stated E) To comply with the IPPF Code of Ethics 8) Which of the following best describes internal auditing's primary purpose in reviewing the organization's existing governance, risk management and controls processes? 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 organization's objectives and goals to be met D) To offer an opinion as to whether the financial statements are fairly stated E) To comply with the IPPF Code of Ethics
Expert Answer:
Answer rating: 100% (QA)
Answer A The purpose of internal auditing is to ensure that the internal control system is functio... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
Students also viewed these accounting questions
-
Multiple Choice 1. An independent audit aids in the communication of economic data because the audit a. Confirms the exact accuracy of managements financial representations. b. Lends credibility to...
-
Multiple Choice 1. Which of the following is not a part of the role of internal auditors? a. Assisting the external auditors. b. Providing reports on the reliability of financial statements to...
-
Multiple choice 1. Cable Corporation orally engaged Drake & Company, CPAs, to audit its financial statements. Though the financial statements Drake audited included a materially overstated accounts...
-
Gabriele Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $974. At this price, the bonds yield 7.2 percent. What must...
-
Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize...
-
For the circuit in Fig. 4.111, obtain the Thevenin equivalent as seen from terminals (a) a-b (b) b-c 311 24 V F 4 o b 2 5 2 A
-
What qualifications does an individual need to serve a summons and complaint?
-
Genesis Sportswear Ltd. is a wholesale company that buys sports clothing from manufacturers and sells it to retail stores. It had the following transactions in its first year of operations. The...
-
Let's look at total asset turnover in Exhibit 10.19 for two competing companies: Starbucks and Jack in the Box. To show how we use total asset turnover, let's look at Starbucks. We express...
-
Foreign Exchange Trading at Baldwin Enterprises Baldwin Enterprises is a large manufacturing company with operations and sales divi- sions located in the United States and several other countries....
-
What level of confidentiality should be attached to the preparation and handling of a memorandum of law? Why? Assume you have been working for a legal specialist in estate law for a number of years...
-
Calculate the internal energy per \(\mathrm{kg}\) of superheated steam at 10 bar and a temperature of \(300^{\circ} \mathrm{C}\). Find, also change in internal energy if this steam is expanded to 1.4...
-
Determine enthalpy and internal energy of \(1 \mathrm{~kg}\) of steam at a pressure of 12 bar when: (i) the dryness fraction of steam is 0.8 , (ii) steam is dry and saturated, and (iii) steam is...
-
The following output (from \(\mathrm{R}\) ) presents the results of a hypothesis test for a population mean \(\mu\). a. Is this a one-tailed or a two-tailed test? b. What is the null hypothesis? c....
-
Refer to the data set pit.csv. Pits with depths greater than \(30 \mu \mathrm{m}\) are considered "deep." Find a confidence interval of the specified level for the proportion of pits that are deep...
-
Consider two variables, \(y\) and \(x\). Do a regression of \(y\) on \(x\) to get a slope coefficient that we call \(b_{1, x, y}\). Do another regression of \(x\) on \(y\) to get a slope coefficient...
-
"Feistels cipher (software implementation with 2 ciphering modes ECB and CBC)" show how feistels cipher implements and use 7 test cases to prove DOCUMENTATION: Description of the used algorithm...
-
Explain the circumstances that could result in a long-term bank loan being shown in a statement of financial position as a current liability.
-
What alternative methods can be used to test the effectiveness of controls in the revenue cycle?
-
What information does an auditor search for in reviewing loan agreements with the client's bank?
-
For each of the following situations involving computer fraud, briefly describe the following: a. A control procedure that would have been effective in preventing or detecting the fraud. b. An audit...
-
Which one of the following can completely balance several masses revolving in different planes on a shaft? (a) A single mass in one of the planes of the revolving mass (b) A single mass in any one...
-
The curve traced by a point on the circumference of a circle which rolls along the inside of a fixed circle, is known as (a) epicycloid (b) hypocycloid (c) cardiod (d) involute.
-
Match List I with List II and select the correct answer using the codes given below the lists: List I (Forces) A. Inertia force B. Spring force C. Damping force D. Centrifugal force List II...
Study smarter with the SolutionInn App