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Unformatted text preview: b. False 8. Generally accepted audit standards are designed to catch most material fraud. a. True b. False 11. There is a gap between user expectations and the product that independent auditors deliver. a. True b. False 18. A leading internal auditing textbook says fraud is an unusual occurrence. a. True b. False 19. The COSO report said that the Chief Executive Officer was involved in approximately 72% of fraudulent financial reporting cases. a. True b. False 20. According to a leading internal auditing textbook, a fraud audit is common because fraud occurs often. a. True b. False 22. Technical accounting knowledge is stressed in the Internal Auditor's Competency Framework for Internal Auditing. a. True b. False 23. An internal auditor director should report directly to the audit committee of the Board of Directors. a. True b. False 24. The Sarbanes‐Oxley Act mandates that CEOs and CFOs must certify the appropriateness of financial statements and disclosures. a. True b. False 25. A CPA forensic investigator is required to follow both the Statement of Standards for Consulting Services and the Code of Professional Conduct. Page 14 of 44 ...
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This note was uploaded on 07/16/2010 for the course ACCOUNTING 2301 taught by Professor Norton during the Summer '10 term at Academy of Design Tampa.
- Summer '10