Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 1, Problem 5TFQ
To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors, i.e., internal auditors and external auditors, that carry out the auditing process.

To state: If the given statement is true or false.

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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. 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.
Which of the following is true of the Audit Committee? O It is composed of a group of stockholders. O It includes both the internal auditors and the external auditors of a company. It is the group that conducts the audit of a company. Its main purpose is to report errors on the company's financial statements to the SEC. It is another term for the internal auditing department of a company.
External auditors are obviously responsible for the audit of the financials.  However what is their responsibility for the preparation of the financials?
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