Question: Audits can be categorized into 5 types: 1 ) financial statement audits, 2 ) audits of internal control, 3 ) compliance audits, 4 ) operational
Audits can be categorized into types: financial statement audits, audits of internal control, compliance audits, operational audits, and fraud audits.
Each of the following descriptions indicate which type of audit financial statement audit, audit of internal control, compliance audit, operational audit, or fraud audit best categorizes the nature of the audit being conducted. Also indicate which type of auditor external auditor, internal auditor, government auditor, or fraud auditor is likely to perform the audit engagement including every appropriate type of auditor in your answer.
Evaluate the policies and procedures of the food and drug administration in terms of bringing new drugs to market.
Determine the fair presentation of Ajax chemicals balance sheet, income statement, and statement of cash flows.
Review the payment procedures of the accounts payable department for a large manufacturer
Examine the financial records pf a division of a corporation to determine if any accounting irregularities have occurred
Evaluate whether funds for a low income public housing project are being used in an efficient manner by the project manager in maintaining and upgrading the property
Evaluate a company's computer services department in terms of the efficient and effective use of corporate resources.
Audit the partnership tax return of a real estate development company
Investigate the possibility of payroll fraud in a labor union pension fund.
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