Questions from Auditing and Assurance

Q: Explain the difference between the independence of internal auditors and external auditors

Explain the difference between the independence of internal auditors and external auditors in the audit of historical financial statements. How can internal auditor’s best achieve independence?

Q: Explain how governmental financial auditing is similar to and different from audits

Explain how governmental financial auditing is similar to and different from audits of commercial companies. Who does governmental auditing?

Q: Explain what is meant by the Single Audit Act. What is

Explain what is meant by the Single Audit Act. What is its purpose?

Q: In what ways is the Yellow Book consistent with generally accepted auditing

In what ways is the Yellow Book consistent with generally accepted auditing standards, and what are some additions and modifications?

Q: Identify the primary specific objectives that must be incorporated into the design

Identify the primary specific objectives that must be incorporated into the design of audit tests under the Single Audit Act.

Q: Identify the key required reports of the Single Audit Act and OMB

Identify the key required reports of the Single Audit Act and OMB Circular A-133.

Q: The following auditing procedures were performed in the audit of accounts payable

The following auditing procedures were performed in the audit of accounts payable: 1. Obtain a list of accounts payable. Re-add and compare with the general ledger. 2. Trace from the general ledger tr...

Q: Identify the three major differences between financial and operational auditing.

Identify the three major differences between financial and operational auditing.

Q: The following are sales, cost of sales, and inventory data

The following are sales, cost of sales, and inventory data for Aladdin Products Supply Company, a wholesale distributor of cleaning supplies. Dollar amounts are in millions. Required a. Calculate the...

Q: Distinguish between efficiency and effectiveness in operational audits. State one example

Distinguish between efficiency and effectiveness in operational audits. State one example of an operational audit explaining efficiency and another explaining effectiveness.