Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. An audit benefits the public. b. The data to be audited can be verified. c. Auditors act on behalf of management. d. Short-term conflicts may exist between managers who prepare data and auditors who examine the data

Which of the following statements does not
properly describe an element of the
theoretical framework of auditing?
a. An audit benefits the public.
b. The data to be audited can be verified.
c. Auditors act on behalf of
management.
d. Short-term conflicts may exist between
managers who prepare data and
auditors who examine the data
by

1 Answer

Answer :

Auditors act on behalf of
management
by

Related questions

Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Description : Which of the following statements does not properly describe an element of the theoretical framework of auditing? a. Remoteness of users. b. An audit benefits the public. c. The data to be audited are verifiable. d. Auditor should maintain independence with respect to the audit client

Last Answer : Remoteness of users

Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The work, under taken by the auditor is permeated by judgment. c. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The ... weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the basis of examining a sample of evidence. c. The work, under taken by the auditor is permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the ... permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to the date of the audit report. b. The auditor's responsibility is confined to the expression of opinion on the financial statements audited. c. The responsibility over the financial statements rests with the management and the auditor assumes responsibility with respect to the notes of financial statements. d. The auditor is responsible only to his qualified opinion but not for any other type of opinion.

Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.

Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited

Certain fundamental beliefs called "postulates" underlie auditing theory. Which of the following is not a postulate of auditing? a. Economic assertions can be verified. b. The auditor acts exclusively as an auditor. c. An audit has a benefit only to the owners. d. No long-term conflict exists between the auditor and the management of the entity under audit

Description : Certain fundamental beliefs called "postulates" underlie auditing theory. Which of the following is not a postulate of auditing? a. Economic assertions can be verified. b. The auditor acts exclusively ... long-term conflict exists between the auditor and the management of the entity under audit

Last Answer : An audit has a benefit only to the owners

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

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

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.

Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud a. For first-time audits. b. Sufficient to find any frauds which may exist. c. For every audit. d. Whenever it would be appropriate

Description : Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud a. For first-time audits. b. Sufficient to find any frauds which may exist. c. For every audit. d. Whenever it would be appropriate

Last Answer : For every audit

In all cases, audit reports must a. Communicate the auditor’s finding to the general public. b. Be signed by the individual who performed the audit procedures. c. Certify the accuracy of the quantitative information which was audited. d. Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Description : In all cases, audit reports must a. Communicate the auditor's finding to the general public. b. Be signed by the individual who performed the audit procedures. c. Certify the ... . Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Last Answer : Inform readers of the degree of correspondence between the quantifiable information and the established criteria

Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed testsb. Eliminating the need to observe thephysical inventory taking.c. Allowing the external auditor to limithis/her audit to the performance ofsubstantive test procedures.d. Limiting direct testing by the externalauditor to management assertions notdirectly tested by internal auditing.

Description : Internal auditing can affect the scope of the external auditor's audit of financial statements by a. Decreasing the external auditor's need to perform detailed tests b. Eliminating the need ... direct testing by the external auditor to management assertions not directly tested by internal auditing.

Last Answer : Decreasing the external auditor's need to perform detailed tests

As used in auditing, which of the following statements best describes "assertions”? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are found only in the notes to the financial statements. c. Assertions are the representations of management as to the reliability of the information system. d. Assertions are the representations of management as to the fairness of presentation of the financial statements

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Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements

Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities. To that end, internal auditing provides assistance to a. External auditors b. Stockholders c. Management and the board of directors d. Government

Description : Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities. To that end, internal auditing provides assistance to a. External auditors b. Stockholders c. Management and the board of directors d. Government

Last Answer : Management and the board of directors

The term “noncompliance” as used in PSA 250 refers to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to the prevailing laws or regulations. Such acts include the following except a. Transactions entered into by the entity b. Transactions entered into in the name of the entity c. Transactions entered into by the entity on its behalf by its management or employees d. Personal misconduct (unrelated to the business activities of the entity) by the entity’s management or employees

Description : The term noncompliance as used in PSA 250 refers to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to the prevailing laws ... misconduct (unrelated to the business activities of the entity) by the entity's management or employees

Last Answer : Personal misconduct (unrelated to the business activities of the entity) by the entity’s management or employees

The objective of governmental effectiveness or program auditing is to determine if the desired results of a program are being achieved. What is thefirst step in conducting such an audit?a. Identify the legislative intent of theprogram being audited.b. Collect quantifiable data on theprogram's success or failure.c. Determine the time frame to beaudited.d. Evaluate the system used tomeasure results.

Description : The objective of governmental effectiveness or program auditing is to determine if the desired results of a program are being achieved. What is thefirst step in conducting such an audit? a. Identify the ... c. Determine the time frame to be audited. d. Evaluate the system used to measure results.

Last Answer : Evaluate the system used to measure results.

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.

The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit. c. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.

The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. b. Need to be applied on all audit related. c. Must not apply to other related activities of auditors. d. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit

Description : The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an ... though such a departure may result to more effective achievement of the objective of an audit

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of the auditor's report. b. Study and evaluate the system of internal administrative control. c. Tour the client's facilities and review the general records. d. Consult with and review the work of the predecessor auditor prior to discussing the engagement with the client management

Description : Which of the following is the most likely first step an auditor would perform at the beginning of an initial audit engagement? a. Prepare a rough draft of the financial statements and of ... and review the work of the predecessor auditor prior to discussing the engagement with the client management

Last Answer : Tour the client's facilities and review the general records

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

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

Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit practice. c. To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines. d. To undertake continuing research on both auditing and financial accounting in order to make them responsive to the needs of the public

Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public

Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.

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

According to Philippine Standards on Auditing, because there are inherent limitations in an audit that affect the auditor's ability to detect material misstatements, the auditor is: a. Neither a guarantor nor an insurer of financial statements. b. A guarantor but not an insurer of the statements. c. An insurer but not a guarantor of the statements. d. Both a guarantor and an insurer of the financial statements.

Description : According to Philippine Standards on Auditing, because there are inherent limitations in an audit that affect the auditor's ability to detect material misstatements, the auditor is: a. Neither a ... guarantor of the statements. d. Both a guarantor and an insurer of the financial statements.

Last Answer : Neither a guarantor nor an insurer of financial statements

The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Description : The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Last Answer : Philippine Standards on Auditing

Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's financial statements. b. Determining the nature, timing, and extent of audit procedures for auditing the inventory. c. Deciding the matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Description : Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's ... matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Last Answer : Identifying unusual conditions that deserve more auditing effort

Which of the following statements would least likely appear in an auditor's engagement letter? a. Our engagement is subject to the risk that material errors, fraud, and defalcations, if they exist, will not be detected. b. During the course of our audit we may observe opportunities for economy in, or improved controls over, your operations. c. After performing our preliminary analytical procedures we will discuss with you the other procedures we consider necessary to complete the engagement. d. Fees for our services are based on our regular per diem rates, plus travel and other out-of-pocket expenses

Description : Which of the following statements would least likely appear in an auditor's engagement letter? a. Our engagement is subject to the risk that material errors, fraud, and defalcations, if they exist, ... services are based on our regular per diem rates, plus travel and other out-of-pocket expenses

Last Answer : After performing our preliminary analytical procedures we will discuss with you the other procedures we consider necessary to complete the engagement.

Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the nature and extent of the auditor's responsibilities. c. They provide guidance to the auditor with respect to planning the audit and writing the audit report. d. They set forth a measure a measure of the quality of the performance of audit procedures.

Description : Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the ... d. They set forth a measure a measure of the quality of the performance of audit procedures.

Last Answer : They set forth a measure a measure of the quality of the performance of audit procedures.

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

Which of the following methods is most commonly used to reduce information risk? a. Allow all users to prepare the statements. b. Allow users to verify information. c. Have the financial statements audited. d. Users share information risk with management.

Description : Which of the following methods is most commonly used to reduce information risk? a. Allow all users to prepare the statements. b. Allow users to verify information. c. Have the financial statements audited. d. Users share information risk with management.

Last Answer : Have the financial statements audited

.The auditor communicates the results of his or her work through the medium of the a. Engagement letter. b. Audit report. c. Management letter. d. Audited financial statements.

Description : .The auditor communicates the results of his or her work through the medium of the a. Engagement letter. b. Audit report. c. Management letter. d. Audited financial statements.

Last Answer : Audit report.

Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. An audit, if properly conducted, ensures that fraud is prevented. d. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Description : Which of the following statements is true? a. An independent auditor must be a CPA. b. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor. c. ... s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor

Last Answer : An independent auditor must be a CPA.

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 statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, whereas internal auditors report directly to management. b. Internal auditors are employees of the auditee, whereas independent auditors are independent contractors. c. The internal auditor's span of coverage goes beyond financial auditing to encompass operational and performance auditing. d. Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Description : Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, ... validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Last Answer : Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Last Answer : Compile financial statements

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Last Answer : Compile financial statements.

The risk that the auditor's own work will lead to the decision that material misstatements do not exist in the financial statements, when in fact such misstatements do exist, is a. Control risk b. Detection risk c. Inherent risk d. Audit risk

Description : The risk that the auditor's own work will lead to the decision that material misstatements do not exist in the financial statements, when in fact such misstatements do exist, is a. Control risk b. Detection risk c. Inherent risk d. Audit risk

Last Answer : Audit risk

The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting framework b. Nature of the entity, including the entity's selection and application of accounting policies c. Objectives and strategies and the related business risks that may result in a material misstatement of the financial statements d. All of these.

Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.

Last Answer : All of these.

The generally accepted auditing standards of fieldwork pertain most directly to: a. Improving internal control as a result of the audit. b. Due professional care in the performance of the audit. c. The required training and proficiency of the auditors. d. The planning of the audit

Description : The generally accepted auditing standards of fieldwork pertain most directly to: a. Improving internal control as a result of the audit. b. Due professional care in the performance of the audit. c. The required training and proficiency of the auditors. d. The planning of the audit

Last Answer : The planning of the audit

The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The limitation of financial statement audit scope. c. Job qualification specifications that include added emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Description : The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The ... emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Last Answer : Increased complexity and sophistication of business operations.

Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant findings of fraud and illegal activity to the company president. b. Increased adoption of audit committees. c. Keeping external and internal auditing work separated to maintain independence. d. None of the above.

Description : Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant ... external and internal auditing work separated to maintain independence. d. None of the above.

Last Answer : Increased adoption of audit committees.