Which of the following is not an element of internal auditing as defined by the

Which of the following is not an element of internal

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10. Which of the following is not an element of internal auditing as defined by the IIA?a.Service.b.Focus on objectivity.c.The role of internal auditors.d.Financial reporting.11. SOX prohibits independent auditors from performing which services for their client?12. Which of the following is not rated as important and highly effective in making decisions to outsource financial institutions?
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13. Audit committees should utilize internal auditor services in fulfilling their oversight responsibilities over:a.Financial reporting.b.Internal controls.c.Audit activities.d.All of the above.14. The IIA’s 2004 Position Paper suggests which of the following activities of internal auditors to support their company’s project to comply with Sections 302 and 404?15. PricewaterhouseCoopers suggests that internal auditors’ best practices should include all of the following except:
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Chapter 9Review Questions1.How can an effective audit function be achieved?2. Explain the term “expectation gap” in auditing.3. Explain the initiatives to be taken to improve audit quality as well as the transparency of the audit process and report.4. What are the structural factors of accounting that provide opportunities for bias to influence judgment?5. What is the underlying basis of audit firm rotation?6. Explain the “pass/fail” approach utilized by the current auditing model.7. What are the three categories in which internal control deficiencies are classified according to Auditing Standard No. 2?8. Explain the different types of opinions on internal control over financial reporting.9. What are the four tests used to classify tax planning as aggressive?10.Explain several of the steps followed by the PCAOB for its inspection process.11. Explain the importance of the inspection report.12. How are PCAOB enforcement investigations coordinated with those of the SEC?13. When does the audit committee monitor auditor independence and why?14. How can the audit committee ensure proper disclosures of auditor independence?15. Explain the term auditor independence and the principles it is based on.
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