Questions from Auditing and Assurance

Q: Identify the knowledge and skills that are necessary to the performance of

Identify the knowledge and skills that are necessary to the performance of modern internal auditing.

Q: “The principal distinction between public accounting and internal auditing is that

“The principal distinction between public accounting and internal auditing is that the latter activity is carried on by an organization’s own salaried employees rather than by independent professional...

Q: Compare the objectives of internal auditors with those of external auditors.

Compare the objectives of internal auditors with those of external auditors.

Q: During your reconciliation of bank accounts in an audit, you find

During your reconciliation of bank accounts in an audit, you find that a number of checks for small amounts have been outstanding for more than a year. Does this situation call for any action by the a...

Q: Identify the 11 categories of the IIA’s International Standards for the Professional

Identify the 11 categories of the IIA’s International Standards for the Professional Practice of Internal Auditing.

Q: Evaluate this statement: “Internal auditors cannot be independent of the

Evaluate this statement: “Internal auditors cannot be independent of the activities that they audit.”

Q: Describe how the organizational status of the internal audit department affects its

Describe how the organizational status of the internal audit department affects its independence.

Q: You have been assigned to the audit of Processing Solutions, Inc

You have been assigned to the audit of Processing Solutions, Inc., a privately held corporation that develops and sells computer systems. The systems are sold under one- to five-year contracts that pr...

Q: Fluid Controls, Inc., a manufacturing company, has retained you

Fluid Controls, Inc., a manufacturing company, has retained you to perform an audit for the year ended December 31. Prior to the year-end, you begin to obtain an understanding of the new client’s cont...

Q: Henry Mills is responsible for preparing checks, recording cash disbursements,

Henry Mills is responsible for preparing checks, recording cash disbursements, and preparing bank reconciliations for Signet Corporation. While reconciling the October bank statement, Mills noticed th...