Internal Auditing Chapter 1
a. Serve as an independent assurance and consulting activity designed to add value and improve the company’s operations.
b. Assess the company’s methods for safeguarding its assets and, as appropriate, verify the existence of the assets.
c. Review the integrity of financial and operating information and the methods used to accumulate and report information.
d. Determine whether the company’s system of internal controls provides reasonable assurance that information is effectively and efficiently coummunicated to management.
a. Business objectives represent targets of perfomance.
b. Establishing meaninful business objectives is a prerequisite to effective internal control
c. Establishing meaningful business objectives is a key component of the management process.
d. Business objectives are management’s means of employing resources and assigning responsibilities.
a. objective examinations of evidence for the purpose of providing independent assessments.
b. advisory service intended to add value and improve an organization’s operations.
c. professional activities that measure and communicate financial and business data.
d. objective evaluations of compliance with policies, plans, procedures, laws and regulations.
c. project management
d. team capabilities
a. develop an attitude of professional skepticism about management’s assertions
b. develop an understanding of the auditee’s objectives and risks.
c. make constructive suggestions to management concerning internal control improvements.
d. evalutate whether misstatements in the auditee’s performance reports should be communicated to senior management and the audit committee.
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