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Accounting Audit

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  • October 21, 2013
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Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? (c)The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements.

Independent auditing can best be described as
(b) a discipline that attests to the results of accounting and other functional operations and data.

Which of the following professional services is an attestation engagement? (b) an engagement to report on compliance with statutory requirements.

Operational audits generally have been conducted by internal auditors and governmental audit agencies but may be performed by certified public accountants. A primary purpose of an operational audit is to provide (b) a measure of management performance in meeting organizational goals.

In comparison to the external auditor, an internal auditor is more likely to be concerned with (c) operational auditing

Which of the following best describes the operational audit? (d) It concentrates on seeking aspects of operations in which waste could be reduced by the introduction of controls.

Compliance auditing often extends beyond audits leading to the expression of opinions on the fairness of financial presentation and includes audits of efficiency, economy, effectiveness, as well as (c) adherence to specific rules or procedures

1-14-a.
Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements? A. It is difficult to prepare financial statements that fairly present a company's financial position and changes in cash flows without the expertise of an independent auditor. B. It is management's responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements. *C. The opinion of an independent party is needed because a company is not likely to...