Reflective thinking skills 10 How do the risk and materiality thresholds change in a government audit compared to a financial statement audit of a public company? Operational and financial auditing Diff: Determining the degree of correspondence between information and established criteria is determining whether a given set of information is in accordance with the established criteria.
Reflective thinking skills 4 Which of the following can affect the independence of operational auditors? An audit also provides assurances to management about information used for decision-making purposes, and may also provide recommendations to improve efficiency or effectiveness of operations.
The accounting function is the recording, classifying and summarizing of economic events to provide relevant information to decision makers. Internal auditors are responsible to Diff: B financial statements present fairly the results of operations.
D Special operational auditing assignments arise at the request of management.
Reflective thinking skills 13 5 Discuss three major differences between operational and financial auditing. This strategic understanding is also useful in other assurance or consulting engagements.
An audit also provides assurances to management about information used for decision-making purposes, and may also provide recommendations to improve efficiency or effectiveness of operations.
Reflective thinking skills 20 17 Operational audits may be performed by internal auditors and government auditors, but not by external auditors. An assurance service is an independent professional service to improve the quality of information for decision makers.
The audit report is tailored to address the scope of the audit, findings, and recommendations and is typically sent only to management. Reflective thinking skills 16 Internal auditors are expected to provide value to the organization through improved operational effectiveness.
Objectives of internal auditors Diff: Reflective thinking skills 22 3 As compared to a financial audit, an operational audit: Most states require hours of education, with specific requirements for number of accounting hours and credit hours in other subject areas.
Biases and motives of provider a.
Reflective thinking skills 23 5 Benchmarking is one source of evaluation criteria for completing an operational audit. In the case of the auditor, the user is concerned about unreliable information being provided in the financial statements.
A personality and appearance. Reflective thinking skills 18 The two most important qualities for an operational auditor to possess are independence and competence.
Operational auditing; Effectiveness and efficiency Diff: International standards; Internal auditing Diff: Reflective thinking skills 16 8 What distinguishes internal control evaluation and testing for financial and operational auditing?
Review the processing of sales invoices to determine if it could be done more efficiently. Bureaucracy of federal sophisticated statistical government. GAO Financial statements Reflective thinking skills 21 Learning Objective 1 Which of the following is not one of the three phases in an operational audit?
Integrity; IIA ethical principles Diff: Phases of operational audit Diff: Internal control evaluation and testing for financial and operational auditing Diff: They may also provide additional assurance and attestation services other than audits of financial statements. Reflective thinking skills Learning Objective 1 Which of the following groups could be involved in an operational audit?
Qualities for an operational auditor Diff: A Government Auditing Standards.Start studying Auditing and Assurance Services Chapter 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Part 1 Introduction to Assurance and Financial Statement Auditing Chapter 1 An Introduction to Assurance and Financial Statement Auditing Chapter 2 The Financial.
PRICE FOR THE TEST BANK, SOLUTION MANUAL AND BOOK PDF: Test Bank 20$ USD and Solution Manual 20$ Chapter 1 The Demand for Audit and Other Assurance Services Review Questions The relationship among audit services, attestation services, and assurance services is reflected in Figure on page 12 of the text.
Auditing, 12e (Arens) Chapter 1 The Demand for an Auditing and Assurance Profession Identify the components of an audit and explain why there is a demand for audits 1) Which of the following illustrates the definition of auditing with respect to the evidence analysis process?
For the core auditing course for accounting majors. An integrated and current approach to auditing. Auditing and Assurance Services: An Integrated Approach presents an integrated concepts approach that shows students the auditing process from start to finish.
This text prepares students for real. Start studying Auditing and Assurance Services Chapter 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.Download