A typical objective of an operational audit is to determine whether an entity's a. Internal control structure is adequately operating as designed b. Operational information is in accordance with generally accepted accounting principles. c. Specific operating units are functioning efficiently and effectively d. Financial statements present fairly the results of operations

A typical objective of an operational audit
is to determine whether an entity's
a. Internal control structure is adequately
operating as designed
b. Operational information is in
accordance with generally accepted
accounting principles.
c. Specific operating units are
functioning efficiently and
effectively
d. Financial statements present fairly the
results of operations
by

1 Answer

Answer :

Specific operating units are
functioning efficiently and
effectively
by

Related questions

An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standardsb. Specific operating units arefunctioning economically andefficiently.c. Financial statements present fairly theresults of operations.d. Internal control is adequatelyoperating as designed

Description : An objective of a performance audit is to determine whether an entity's a. Operational information is in accordance with government auditing standards b. Specific operating units are functioning ... present fairly the results of operations. d. Internal control is adequately operating as designed

Last Answer : Specific operating units are functioning economically and efficiently

Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

Description : Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

Last Answer : Financial statement audit

A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Description : A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Last Answer : Future improvements to accomplish management’s goals.

A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of attaining the entity's operational objectives. c. Make recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Description : A typical objective of an operational audit is for the auditor to a. Determine whether the financial statements fairly present the entity's operations. b. Evaluate the feasibility of ... recommendation for improving performance. d. Report on the entity's relative success in maximizing profits

Last Answer : Make recommendation for improving performance

An audit of financial statements is conducted to determine if the a. Organization is operating efficiently and effectively b. Client's internal control is functioning as intended. c. Auditee is following specific procedures or rules set down by some higher authority d. Overall financial statements are stated in accordance with an identified financial reporting framework

Description : An audit of financial statements is conducted to determine if the a. Organization is operating efficiently and effectively b. Client's internal control is functioning as intended. c. ... d. Overall financial statements are stated in accordance with an identified financial reporting framework

Last Answer : Overall financial statements are stated in accordance with an identified financial reporting framework

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: a. A measure of management performance in meeting organizational goalsb. The results of internal examinations of financial and accounting matters to a company's top-level management. c. Aid to the independent-auditor, who is conducting the examination of the financial statements. d. A means of assurance that internal accounting controls are functioning as planned.

Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned

Last Answer : A measure of management performance in meeting organizational goals

Internal auditors review the adequacy of the company's internal control system primarily to a. Help determine the nature, timing, and extent of tests necessary to achieve audit objectives. b. Determine whether the internal control system ensures that financial statements are fairly presented. c. Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically. d. Ensure that material weaknesses in the system of internal control are corrected

Description : Internal auditors review the adequacy of the company's internal control system primarily to a. Help determine the nature, timing, and extent of tests necessary to achieve audit objectives. b. ... and economically. d. Ensure that material weaknesses in the system of internal control are corrected

Last Answer : Determine whether the internal control system provides reasonable assurance that the company's objectives and goals are met efficiently and economically.

Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations othe company. b. It concentrates on implementing financial and accounting control in a newly organized company. c. It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls. d. It attempts and is designed to verify the fair presentation of a company's results of operations.f

Description : Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations ofthe company. b. It ... attempts and is designed to verify the fair presentation of a company's results of operations.

Last Answer : It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls

The auditor's best defense when material misstatements in the financial statements are not uncovered in the audit is that a. The financial statements are client's responsibility. b. The audit was conducted in accordance with PSAs c. Client is guilty of contributory negligence. d. The audit was conducted in accordance with generally accepted accounting principles.

Description : The auditor's best defense when material misstatements in the financial statements are not uncovered in the audit is that a. The financial statements are client's responsibility. b. ... contributory negligence. d. The audit was conducted in accordance with generally accepted accounting principles.

Last Answer : The audit was conducted in accordance with PSAs

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal control is functioning as designed. c. Provides only a limited assurance that the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Description : An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal ... the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Last Answer : Is substantially less in scope than an audit.

Which of the following statements about independent financial statement audit is incorrect? a. The term "scope of the audit" refers to audit procedures deemed necessary ithe circumstances to achieve the objective of the audit. b. The auditor's opinion enhances the credibility of the financial statements. c. The phrase used to express the auditor's opinion is "present fairly, in all material respects". d. The risk that the auditor will fail to uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.n

Description : Which of the following statements about independent financial statement audit is incorrect? a. The term "scope of the audit" refers to audit procedures deemed necessary in the circumstances ... uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.

Last Answer : The risk that the auditor will fail to uncover material misstatement is eliminated when the auditor conducts the audit in accordance with PSAs.

Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to be performed on the engagement d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Description : Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to ... d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Last Answer : Representations that the financial statements were prepared in accordance with generally accepted accounting principles

Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS are the standards for presentation of financial statements and underlying transactions. b. GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit. c. When GAAP are violated, sufficiently strong GAAS may make up for most GAAP deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC

Last Answer : GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit.

A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted accounting principles. c. Supported by the client’s audited financial statements. d. Not subject to change upon audit

Description : A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted ... principles. c. Supported by the client's audited financial statements. d. Not subject to change upon audit

Last Answer : The legal minimum

Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and whether management has satisfactorily responded to any findings from these activities. b. Help the auditor understand the environment in which the financial statements are prepared. c. Relate to changes in the entity's marketing strategies, sales trends, or contractual arrangements with its customers. d. Help the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Description : Inquiries directed towards those charged with governance may most likely a. Relate to their activities concerning the design, and effectiveness of the entity's internal control and ... the auditor in evaluating the appropriateness of the selection and application of certain accounting policies

Last Answer : Help the auditor understand the environment in which the financial statements are prepared.

An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Description : An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting

Last Answer : The work was adequately planned.

The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. Generally accepted auditing standards which include the concept of materiality b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Description : The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. ... b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Last Answer : Philippine Financial Reporting Standards

The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the a. Results are consistent with the conclusions to be presented in the auditor's report. b. Audit procedures performed are approved in the professional standards. c. Audit has been performed by persons having adequate technical training and proficiency as auditors. d. Auditor's system of quality control has been maintained at a high leve

Description : The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the a. Results are consistent with the conclusions to be presented in the ... as auditors. d. Auditor's system of quality control has been maintained at a high leve

Last Answer : Results are consistent with the conclusions to be presented in the auditor's report.

An audit which is undertaken in order to determine whether the auditee is following specific procedures or rules set down by some higher authority is classified as a(n) a. Audit of financial statements. b. Compliance audit. c. Operational audit. d. Production audit

Description : An audit which is undertaken in order to determine whether the auditee is following specific procedures or rules set down by some higher authority is classified as a(n) a. Audit of financial statements. b. Compliance audit. c. Operational audit. d. Production audit

Last Answer : Compliance audit

The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country’s regulations governing the audit of financial statements. b. To improve the uniformity of auditing practices and related services throughout the world. c. To provide a uniform application of specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards.

Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations governing ... audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards.

Last Answer : To improve the uniformity of auditing practices and related services throughout the world

The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country’s regulations governing the audit of financial statements. b. To improve the uniformity of auditing practices and related services throughout the world. c. To provide a uniform application of specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards

Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations ... specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards

Last Answer : To improve the uniformity of auditing practices and related services throughout the world.

The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of report. c. State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Description : The objective of a review of financial statements is to: a. Express an opinion on the overall financial statements. b. Carry out audit procedures agreed on with the client and other users of ... statements are not presented fairly. d. Assist the client in the preparation of the financial statements.

Last Answer : State whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly.

The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework. c. Enhance the degree of confidence of intended users in the financial statements. d. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

Description : The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management ... the future viability of the entity by expressing an opinion on the entity's financial statements.

Last Answer : Enhance the degree of confidence of intended users in the financial statements.

An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is a(n): a. External audit b. Compliance audit c. Operational audit d. Financial statement audit

Description : An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity's operating activities in relation to specified objectives is a(n): a. External audit b. Compliance audit c. Operational audit d. Financial statement audit

Last Answer : Operational audit

Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conductthe audit with an attitude ofa. Professional responsiveness.b. Conservative advocacy.c. Professional skepticism.d. Objective judgment

Description : Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conduct the audit with an ... . Professional responsiveness. b. Conservative advocacy. c. Professional skepticism. d. Objective judgment

Last Answer : Professional skepticism.

The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Description : The essence of the attest function is to a. Detect fraud. b. Examine individual transactions so that the auditor can certify as to their validity. c. Determine whether the client's financial statements are fairly stated. d. Ensure the consistent application of correct accounting procedures.

Last Answer : Determine whether the client's financial statements are fairly stated.

The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Description : The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Last Answer : Understanding the entity's internal control structure.

The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Description : The auditor's evaluation of the likelihood of material employee fraud is normally done initially as a part of a. The assessment of whether to accept the audit engagement. b. Understanding the entity's internal control structure. c. The Tests of Controls. d. The Tests of Transactions

Last Answer : Understanding the entity's internal control structure

An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is effective. b. Be relied upon to disclose violations of truth-in-lending act. c. Encompass a plan to search actively for illegalities which relate to operating aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Description : An auditor's examination performed in accordance with generally accepted auditing standards generally should a. Be expected to provide assurance that illegal acts will be detected where internal control is ... aspects. d. Not be relied upon to provide assurance that illegal acts will be detected

Last Answer : Not be relied upon to provide assurance that illegal acts will be detected

Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial statements. b. Test the adequacy of internal control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Description : Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial ... control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Last Answer : Gather corroborative evidence

Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily convertible into cash. b. Low growth and profitability as compared to other entity's in the same industry. c. Financial management's participation in the initial selection of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Description : Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily ... of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Last Answer : An overly complex organizational structure involving unusual lines of authority.

An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list the procedures performed. b. The auditor is also the entity's continuing auditor. c. The financial statements are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Description : An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list ... are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Last Answer : Use of the report is restricted

Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of a. Loans to officers during the year which had been repaid before the balance sheet date. b. The nature of the related-party relationship. c. A description of transactions, including peso amounts. d. The amounts due from and to related parties

Description : Transactions with related parties are important to the auditors because they will be disclosed in the financial statements if material. Generally accepted accounting principles would not require disclosure of ... transactions, including peso amounts. d. The amounts due from and to related parties

Last Answer : Loans to officers during the year which had been repaid before the balance sheet date

Which of the following factors most likely would influence an auditor’s determination of the auditability of an entity’s financial statements? a. The complexity of the accounting system. b. The existence of related-party transactions. c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.

Last Answer : The adequacy of the accounting records.

In financial statement audits, the audit should be conducted in accordance with a. PAS / PFRS b. Generally accepted auditing standards c. Philippine Standards on Auditing d. Code of Ethics for CPAs in the Philippines

Description : In financial statement audits, the audit should be conducted in accordance with a. PAS / PFRS b. Generally accepted auditing standards c. Philippine Standards on Auditing d. Code of Ethics for CPAs in the Philippines

Last Answer : Philippine Standards on Auditing

The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing standards. b. Acceptable financial reporting framework c. Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Description : The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing ... Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

Last Answer : Acceptable financial reporting framework

After studying and evaluating a client's existing internal control, an auditor has concluded that the policies and procedures are well-designed and functioning as intended. Under these circumstances, the auditor would most likely a. Perform further control tests to the extent outlined in the audit program. b. Determine the control policies and procedures that should prevent or detect errors and fraud. c. Set detection risk at a higher level than would be set under conditions of weak internal control. d. Set detection risk at a lower level than would be set under conditions of weak internal control.

Description : After studying and evaluating a client's existing internal control, an auditor has concluded that the policies and procedures are well-designed and functioning as intended. Under these circumstances, the ... risk at a lower level than would be set under conditions of weak internal control.

Last Answer : Set detection risk at a higher level than would be set under conditions of weak internal control.

An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal control is effective. b. Be relied upon to disclose indirect-effect noncompliance with laws and regulations. c. Encompass a plan to search actively for noncompliance with laws and regulations which relate to operating aspects. d. Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Description : An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal ... relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Last Answer : Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy of the financial statements. c. The company preparing the statements may have a vested interest in reporting certain results. d. An independent audit is designed to search for deficiencies in the company's internal control

Description : Why does a company choose to have an independent auditor report on its financial statements? a. Independent auditors will always detect management fraud. b. Independent auditors guarantee the accuracy ... . An independent audit is designed to search for deficiencies in the company's internal control

Last Answer : The company preparing the statements may have a vested interest in reporting certain results.

Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The auditor should comply with the Philippine Code of Professional Ethics. c. The auditor should plan and perform the audit with an attitude of professional skepticism. d. The auditor should obtain sufficient appropriate evidence primarily through inquiry and analyticaprocedures to be able to draw reasonable conclusions.l

Description : Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The ... appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions.

Last Answer : The auditor should obtain sufficient appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in the Philippines: a. Accounting Standards Board. b. Financial Reporting Standards Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Description : This is the standard-setting body that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in ... Committee. c. Financial Reporting Standards Council. d. Auditing and Assurance Standards Council.

Last Answer : Financial Reporting Standards Council.

Which of the following types of audits would be intended to determine whether a governmental entity is following sound procurement practices? a. Program audit b. Operational audit c. Compliance audit d. Financial statement audit

Description : Which of the following types of audits would be intended to determine whether a governmental entity is following sound procurement practices? a. Program audit b. Operational audit c. Compliance audit d. Financial statement audit

Last Answer : Compliance audit

What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ascertain that financial statements present accurately the financial positionoperating results, and changes in cashand stockholders' equity.d. To help members of theorganization to effectivelydischarge their responsibilities.

Description : What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ... and stockholders' equity. d. To help members of the organization to effectively discharge their responsibilities.

Last Answer : To help members of the organization to effectively discharge their responsibilities.

Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future viability of the entity. b. Making suggestions that are adopted about the form and content of an entity's financial statements impairs an auditor's independence. c. An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion. d. The fair presentation of audited financial statements in accordance with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Description : Which of the following statements is correct concerning an auditor's responsibilities regarding financial statements? a. The auditor's report should provide an assurance as to the future ... with an applicable financial reporting framework is an implicit part of the auditor's responsibilities

Last Answer : An auditor's responsibilities for audited financial statements are confined to the expression of the auditor's opinion

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria