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Recently, there has been a shift in the focus of boards and audit committees:
Select one:
O a. From internal auditing to external auditing concerns
b. From responding to incidents to preventing incidents
c. From preventing incidents to both preventing and responding to incidents
d. There has not been a shift in focus
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- 1. Explain how an audit committee could improve its effectiveness on internal auditor's control review and oversight work 2. Discuss the problems associated with initiatives that been put forward to ensure independence of members ofaudit committeeAudit evidence is more persuasive when : A_Information is provided by the board of directors of the company B_ The audit team comprises of high quality personnel C_ Audit evidence is inconsistent with that from another D_ Items of evidence from different sources or of a different nature are consistent4. Reported internal audit observation emerge as a result of comparing “what should be” with “what is”. In determining “what should be” during an internal audit engagement, which of the following would be the least appropriate criterion against which to assess current controls? Group of answer choices Industry best practices Control policies and procedures prescribed by senior management A standard of control effectiveness determined by internal audit function The controls documented as being in place during the last audit
- Which factor should be considered appropriate to have rotation of auditors Select one: a. A new auditor may have a fresh set of eyes b. The new auditor may not fully understand all the personality and internal political dynamics c. From the council or Board level of a new auditor may have a different style of presenting auditor results or different philosophies about what constitute an audit finding and what does not d. A new auditor may ask for different schedules to be prepared or request other type of documentations that staff are not used to5.Which of the following is not the function of audit committee?Single choice. (1 Point) To make recommendations about auditor's fee To advice the removal of the external auditors To look after the internal control in company All of aboveWhich of the following categories is not relevant as the audit team inquires with management regarding their internal control system? Multiple Choice О policies and procedures vacation policy development of control activities information technology
- Which of the following is NOT one of the roles of an audit committee? Which of the following is NOT one of the roles of an audit committee? reviewing the work of the internal audit ensuring that appropriate resources are used in company operations reviewing systems of internal control. launching special investigations of employees, company practices, or proceduresWhich of the following activities should the internal audit function NOT be involved in?a. Monitoring of management's performanceb. Reviewing adequacy of management information for decision-making purposesc. Taking responsibility for the implementation of a new sales ledger systemd. Assessing compliance with regulation Internal auditors may not perform:a. Audits of financial statements resulting in reports intended for management’s use only.b. Integrated audits leading to an audit opinion issued in accordance with PCAOB standards.c. Forensic audits.d. All of the above. An “integrated audit”, as required by Sarbanes-Oxley Act for U.S. public companies,includes an audit ofa. The company’s internal controlsb. The company’s financial statementsc. The company’s compliance with its rules and policiesd. Both A and B The auditor’s opinions on the effectiveness of internal control over financial reporting (ICFR) in anintegrated audit in accordance with PCAOB AS include the following types…1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other.
- 1. Which of the following statements is correct concerning an auditor's required communication with those charged with governance? Question 24 options: Individual misstatements discovered, regardless of materiality If matters are communicated in writing, the report is appropriate for general use This communication should include disagreements with management about significant audit adjustments, whether or not satisfactorily resolved If matters are communicated in writing, the report is required to be distributed to both those charged with governance and management1.) The Information Systems Audit and Control Association (ISACA) developed guidelines and procedures on how to follow the standards that apply specifically to the specialized nature of the IS Audit. The guidelines serve as guidance the IS auditor should normally follow. However, there may be situations where the auditor will not follow that guidance. In this case, what happens now to the work done by the IS auditor? 2.) Audits are conducted for various reasons. It can help an organization ensure effective operations, affirm its compliance with various regulations, and confirm that the business is functioning well and is prepared to meet potential challenges. There are three typical phases in an Audit, explain each phase and its relation to the other. 3.) Every organization has controls in place. Such controls must be effective. They are effective if they prevent, detect, or contain incidents and enable recovery from events that cause risks. Enumerate those three types of control…In the integrated audit of an issuer, which of the following would not be considered an entity-level control? A. Management's established controls to monitor results of operations. B. The executive committee's process for assessing business risk. C. The board of directors' controls to monitor the activities of the audit committee. D. The outside auditor's assessment process of internal auditor competence and objectivity.
