Independent auditors perform audits on the financial reports of public companies. This type of auditing can best be described as: Select one: O 1. a discipline that assures financial information presented by management. O 2. an activity whose purpose is to search for irregularities. O 3. a regulatory function that prevents the issuance of improper financial information. O 4. a professional activity that measures and communicates financial and business data.

Q: Which of the following is a reason that an entity may receive an audit? Select the best response and…

A: A listed Entity may receive audit requirement by any law or authority such type of audit is called…

Q: ecutives would commit fraud and how understanding the motive for fraud can assist an auditor in the…

A: Corporate fraud refers to the illegal and unethical activities undertaken by an individual who is…

Q: esponsibility of the auditor to detect material misstatements, including misappropriation of assets…

A: a) Reasonable assurance: the term reasonable assurance refers to the assurance level that the…

Q: Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description.…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: How does an audit enhance the quality of financial statements and management’s reports on internal…

A: The requirement that corporations' financial accounts be audited by an impartial external auditor…

Q: To do an audit of a company's financial statements, there must be several key elements and…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following questions best describes why an independent auditor is asked to give an…

A: It is the responsibility of management to maintain books of accounts, sound internal controls…

Q: A transaction-level internal control activity is best described asa. An action taken by auditors to…

A: Answer:   Option b

Q: The report on the effectiveness of internal control over financial reporting for companies filing…

A: Here asked for multiple question we will solve for 1st question according to guidelines.  If you…

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control               Internal control is the process laid down by the…

Q: Which of the following best describes why an independent auditor is asked to expressan opinion on…

A:

Q: Which of the following is not a part of the role of internal auditors? a. Assisting the external…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: An independent audit aids in the communication of economic data because the audit ________.…

A: The role of the auditor is to determine whether the reports prepared by the management follow the…

Q: Which of the following statements relating to internal and external auditors is correct? i. Internal…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: If a nonissuer wants an accountant to perform an examination of its internal controls, the…

A:

Q: Auditing standards are: a. Ways to obtain / collect proof of transaction b. A collection of rules…

A: Audit is defined as the examination of the books of accounts or financial statement of the entity…

Q: Comparing the Internal Auditors and External Auditors , which of the following is not true about…

A: Option C The Auditor is appointed by the management is incorrect statement since they are appointed…

Q: The primary purpose of accumulating sufficient and appropriate audit evidence is to Group of answer…

A: Sufficient and Appropriate Audit evidence Sufficient Audit evidence refers to Quantity of Audit…

Q: Analytical procedures used when planning an audit should concentrate ona. Weaknesses in the…

A: Analytical procedures are used by the auditors to analyze the accounts and transactions of the…

Q: Which of the following engagements is most likely to be considered an operational audit? The…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Which of the following is the independent auditor’s principal purpose for obtaining an understanding…

A:

Q: True or false: the purpose of an independent public accounting firms auditing and financial…

A: solution : True or false: the purpose of an independent public accounting firms auditing and…

Q: Which of the following is not True about External Auditors? i) External Audit is an audit function…

A: An external audit is an examination that is conducted by an independent accountant. This type of…

Q: An audit committee isa. Composed of internal auditors.b. Composed of members of the audit team.c.…

A: An audit committee also refers as review council and it is one of the major working panels of an…

Q: Which of the following statements relating to internal and external audits is false?* The execution…

A: Audit is the process of checking and verifying the authenticity of books of account in the business.…

Q: The most important objective of risk assessment procedures performed by auditor is a. To identify…

A: As per ISA 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENTS: The most important…

Q: The auditor’s primary consideration is whether, and how, internal control prevents, or detects and…

A: The answer for the theory question on Auditing is discussed hereunder :

Q: Auditors of both public companies and private entities _______.     A. have a responsibility to…

A: Solution:  Auditors of both public companies and private entities "have a responsibility to report…

Q: Which of the following information would be included in the introductory paragraph of the auditors’…

A:

Q: What role does the auditor play in gaining a knowledge of internal control? What is the difference…

A: Before completing audit processes, the auditor is responsible for knowing the organization's…

Q: The audit committee’s responsibility for auditor independence concernsa. Ensuring that partners of…

A: The audit committee’s responsibility for auditor independence concern ensuring that partners of the…

Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

A:

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: For a corporation in an industry with fewer rules, which of the following control goals in the…

A: The purpose of adopting Auditing procedures which are important to the Auditing work which has to be…

Q: Explain the responsibilities of external auditors in detecting fraud in the financial statements.

A: External auditors are the certified professionals appointed by the shareholders of the organization…

Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a.…

A: We are supposed to answer only one question, please Co-operate and ask other questions separately…

Q: Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud…

A: SOX or Sarbanes- Oxley Act came into force in 2002 after the biggest accounting scandal. The purpose…

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: Which of the following statements about the auditor's responsibilities in public company audits is…

A: PCAOB is public companies accounting oversight board.  The board oversees the auditing of public…

Q: Why is there a need on the part of the client entity to monitor internal controls over time? a.…

A: Internal Control- It is a process which is made by the entity to put control on its operations and…

Q: e auditor is governed by an audit framework as well as a regulatory environment that includes…

A: IT risks and controls must be evaluated from the top down. There are general controls and there are…

Q: The fraud triangle consists of situational pressure, opportunity and ethics. Evaluate these three…

A: The fraud triangle is a concept widely used in auditing to describe the reason when an individual…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of the…

Q: What is meant by internal control based on the professional standards of a public accountant is: a.…

A: Internal control means a process of doing the work effectively so that objective can be achieved and…