ACC 413 Take Home Midterm Exam

ACC 413 Take Home Midterm Exam - Ryan Thiel 10/13/2011 ACC...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Ryan Thiel 10/13/2011 ACC 413 6:00 pm - 8:50 pm ACC 413 Take Home Midterm Exam 1) In order to fully understand audit, control and business objectives some other terms need to be defined first. The first term that needs to be defined is auditing. The official definition of auditing according to the American Accounting Association (AAA), is "a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users." The second term that needs defining is internal auditing. The official definition of internal auditing according to the Standard for the Professional Practice of Internal Auditing is, "an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes." Now that these terms are defined audit, control and business objectives can be defined and understood. a) An audit objective is the goal(s) that the auditor intends to achieve during the audit. An audit cannot exist without an audit objective(s). For example, if an internal auditor is conducting an
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

ACC 413 Take Home Midterm Exam - Ryan Thiel 10/13/2011 ACC...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online