Which of the following statements is true about compliance audit? A) Review of income tax returns...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Which of the following statements is true about compliance audit? A) Review of income tax returns of a corporation to determine which tax laws are applicable. Reporting to the authority that established rules, regulations, and procedures, either internal or external to the auditee. An internal auditor's review of a company's payroll authorization procedures. Reporting to the management of the company as well as to the different groups and outside entities. Which of the following statements is true about compliance audit? A) Review of income tax returns of a corporation to determine which tax laws are applicable. Reporting to the authority that established rules, regulations, and procedures, either internal or external to the auditee. An internal auditor's review of a company's payroll authorization procedures. Reporting to the management of the company as well as to the different groups and outside entities.
Expert Answer:
Answer rating: 100% (QA)
The correct answer is B Reporting to the authority that established rules ... 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
-
Which of the following statements is true about the role of gifts given to U.S. citizens from foreigners? a. Gifts are only included in the balance of payments if the gift is over $1,000,000. b....
-
Which of the following statements is true about radiation exposure of the male and female reproductive systems? A. The dose to induce temporary sterility in the female is 2 Gy. B. The latent period...
-
Which of the following statements is true about health savings accounts (HSAs)? Select one: a. Taxpayers may take tax and penalty free distributions from HSAs to purchase automobiles after age 65. b....
-
Among the 3 dimensioning techniques A, B and C, which one is correct. 50 50 A B 50 C
-
Hickock Mining is evaluating when to open a gold mine. The mine has 48,000 ounces of gold left that can be mined, and mining operations will produce 6,000ounces per year. The required return on the...
-
A wired equivalent privacy (WEP) key for a wireless fidelity (WiFi) network is a string of either 10, 26, or 58 hexadecimal digits. How many different WEP keys are there?
-
Many countries are encouraging small investors to buy quoted shares. Why might they be doing this? Write an essay to include a discussion of the societal benefits of a stock exchange.
-
As the name implies, indoor air pollution deals with air contamination in enclosed spaces such as homes, offices, work areas, etc. Suppose that you are designing a ventilation system for a restaurant...
-
In contract law, consideration is the requirement that all parties be polite while forming a contract.
-
MedicTronix is a startup company that manufactures medical devices for use in hospital clinics. Inspired by experiences with family members who have battled cancer, MedicTronixs's founders have...
-
Elaborate on how Colleges Use Storage Virtualization to Support Distance Learning and how it solves the problem. Also, how does it help the Colleges achieve one or more of the following? Achieve...
-
Discuss the potential advantages and disadvantages of bootstrapping a new business venture.
-
In some instances, a temporary restraining order can be granted ex parte (i.e., without notice to the other side) until a hearing for a preliminary injunction can be held. Further investigate CCP 527...
-
Simple regression analysis is useful when: a. There is a dependent variable we want to predict. b. A dependent variable tends to fluctuate in response to or concurrently with an independent variable....
-
Good internal control is provided when wage and salary advances for vacation are approved by: a. The section supervisor. b. The department manager. c. The payroll department. d. All of the above. e....
-
List the four common elements of all workplace frauds.
-
Acceleration /ms 45 40 35 30 25 20 15 10 Resultant Acceleration vs. Time 5 0 695 700 705 710 715 720 725 Time /s
-
Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It estimate that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation...
-
What is the upper misstatement limit (UML), and how is it determined?
-
Explain how outside specialists are used in auditing pension obligations.
-
You are aware that most of the first courses in auditing focus on public accounting rather than internal auditing. Yet your professor states that most of the concepts related to audit approach and...
-
Global Enterprises Corporation (GE) is a manufacturing company whose principal products are microwave ovens, refrigerators, and conventional ovens. The company had a long history of selling...
-
The 2015 annual report of The Procter & Gamble Company (P&G is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions: P&Gs consolidated balance sheet...
-
The consolidated financial statements of General Electric Company (GE) combine the industrial manufacturing and services businesses of GE with the financial services businesses of General Electric...
Study smarter with the SolutionInn App