Auditing and Assurance Service 15e Test Bank

Auditing and Assurance Services by Alvin a Arens 15th Edition Test Bank
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Auditing and Assurance Services, 15e (Arens)
Chapter 26 Internal and Governmental Financial Auditing and Operational Auditing

Learning Objective 26-1

1) Internal Auditors are expected to add value to the organization through improved operational effectiveness. In addition, their responsibilities include all the following except:
A) reviewing the reliability and integrity of information.
B) ensuring compliance with the company's accounting policies.
C) verifying accounting information for external users.
D) ensuring compliance with applicable governmental regulations.
Answer: C
Terms: Internal auditors responsibilities
Diff: Easy
Objective: LO 26-1
AACSB: Reflective thinking skills

2) Statements on Internal Auditing Standards are issued by the:
A) AICPA.
B) SEC.
C) Internal Auditing Standards Boards.
D) Auditing Standards Boards.
Answer: C
Terms: Statements on Internal Auditing Standards
Diff: Easy
Objective: LO 26-1
AACSB: Reflective thinking skills

3) Internal auditors are responsible to:
A) the board of directors.
B) management.
C) both A and B.
D) neither A nor B.
Answer: C
Terms: Internal auditors are responsible to
Diff: Easy
Objective: LO 26-1
AACSB: Reflective thinking skills

4) Which of the following is not a similarity between external and internal auditors?
A) Both must be independent of the company.
B) Both must be competent.
C) Both follow a similar methodology in performing their audits.
D) Both consider risk and materiality deciding the extent of their tests and evaluating results.
Answer: A
Terms: Similarity between internal and external auditors
Diff: Easy