Hello, please can you give me the answers of these questions. Thanks 12.1 Because of...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Hello, please can you give me the answers of these questions. Thanks
12.1
Because of the possibility that a forensic accounting engagement may result in litigation,
(a)
forensic accountants must be law enforcement officers, lawyers, or officers of the court.
(b)
forensic accountants must be certified by the ACFE.
(c)
forensic accountants do not rely on interviews as a source of evidence.
(d)
forensic accountants are likely to have an adversarial relationship with the employees of their clients.
12.2]
The Institute of Internal Auditors (IIA) states that internal auditors
(a)
conduct an independent objective assurance and consulting activity.
(b)
cannot be independent because they have an employment relationship with the target of their activities.
(c)
add value by enhancing managements efficiency.
(d)
are an integral part of managements decisionmaking team in assessing the effectiveness of ICFR.
3-Internal auditors
(a)
must follow all AICPA professional guidance in their work.
(b)
are guided by the International Standards for the Professional Practice of Internal Auditing.
(c)
may be guided by AICPA or IIA standards, but neither is preferred over the other.
(d)
none of the above.
4- SOX Section 302 places requirements on management
(a)
for quarterly filings only.
(b)
for an audit of ICFR.
(c)
for annual and quarterly reports.
(d)
for the auditor to assume responsibility for assessing and reporting on the effectiveness of ICFR.
5- Compliance auditing
(a)
involves assessing whether the entity being audited complies with stipulations such as laws, regulations, and the terms of a contract, for example, the requirements of a Federal grant.
(b)
deals with assessing whether management complies with all the expectations of the auditor as the financial statement and ICFR audit progresses.
(c)
is the same as operational auditing.
(d)
must be performed for all departments of the federal government.
6- Under which of the following circumstances is the accounting practitioner required to issue a compilation report to accompany financial statements?
(a)
The financial statements are for management use only, and a written engagement letter was executed.
(b)
The financial statements are for management use only, and a written engagement letter was not executed.
(c)
The financial statements are for management use only, substantially all disclosures were omitted, and a written engagement letter was executed.
(d)
A compilation report must be issued in all the circumstances above.
7- the engagement to provide a comfort letter is most like which of the following?
(a)
An agreed-upon procedures engagement
(b)
An examination
(c)
A review
(d)
A legal services engagement
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!