The internal audit function plays a key role in assisting the board to discharge its governance responsibilities. Yet how does the board – and its audit committee – satisfy itself that internal audit is functioning effectively and efficiently? The board’s responsibility for internal controls Through working with a broad range of organisations in Australia and internationally‚ KPMG has identified a number of better practices in relation to the role played by the board audit and/or risk
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judgment about materiality is the amount by which the auditor believes the statements could be misstated and still not affect the decisions of reasonable users. a. minimum b. maximum c. mean average d. median average 3. easy d Auditors are responsible for determining whether financial statements are materially misstated‚ so upon discovering a material misstatement they must bring it to the attention of: a. regulators. b. the audit firm’s managing partner. c. no one in particular.
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Question 1 Management audit is a term used to describe the kind of audit work carried out to look into the economy‚ efficiency and effectiveness of the organization and its component parts. Efficiency in this sense has to do with determining whether resources (personal and property) are being used optimally within the bounds of what is practically feasible. Effectiveness involves determining whether resources are being used to proper effect. Economy relates to the avoidance of unnecessary waste
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When did civil disobedience ever require moral responsibility? Civil disobedience is when people peacefully disobey the law. Now since when that was ever a moral responsibility. Moral responsibility is standards the we have to keep. Civil disobedience should not have to be a moral responsibility. Other places feel different when it comes to the justice system. Other countries run the complete opposite of how americans do it. Like for example‚ Singapore feels that no one should fail to exhort it
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Ethical (General) Standards Competence – adequate technical training and proficiency. Competence is knowing what to do. 1. Recognize the assertion being made by management in each element (account) of a financial statement. 2. Decide which evidence is relevant for supporting or refusing the assertion 3. Select and perform procedures of obtaining the evidence 4. Evaluate the evidence and decide whether management assertions correspond to reality and GAAP - Objectivity
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Kyle Torrez CNG 121 Reviewing the Basics Ch. 9 21 Feb. 2015 1. How many bits are in a MAC address? 48 bits. 2. How many bits are in an IPv4 IP address? In an IPv6 IP address? 32 bits and 128 bits. 3. How does a client application identify a server application on another computer on the network? By the port number‚ port‚ or port address. 4. What are the IP addresses called that begin with 10‚ 172.16‚ or 192.168? Private IP addresses. 5. In what class is the IP address 185.75.255.10? Class
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CHAPTER 6 Audit Evidence |Learning Check | 6-1. a. Audit evidence is all the information used by the auditor in arriving at the conclusion on which the audit opinion is based. Audit evidence includes (1) the accounting records underlying the financial statements and (2) other information that corroborates the accounting records and supports the auditor’s logical reasoning about fair presentation in the financial statements. b. Any information that is obtained
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using auditors for gathering project requirements. My opinion is that they can be invaluable in this process‚ because: they can leverage prior audit documentation to quickly get up to speed on new or proposed projects; they can use established relationships with stakeholders; and‚ they are already accustomed to the interviewing process. The manner in which this topic will be tackled is by examining the similarities of tasks performed by auditors and project managers. Guidelines and standards used
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ACC3510 – SEMESTER 1‚ 2013 SEMINAR 9 - PROBLEM QUESTIONS PROBLEM 9.1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Ace Computers Ltd (Ace) for the year ended 30 June 2011 audit‚ you become aware of the following information: 1. The best-selling computer presentation package has been experiencing a high level of returns owing to suspected software problems. 2. Based on closing inventory‚ inventory
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Freedom of Press Freedom of the press or freedom of the media is the freedom of communication and expression through mediums including various electronic media and published materials. While such freedom mostly implies the absence of interference from an overreaching state‚ its preservation may be sought through constitutional or other legal protections. With respect to governmental information‚ any government may distinguish which materials are public or protected from disclosure to the public
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