Chapter 1 aud in CIS

_______ is performed by Certified Public Accountants (CPA) who work for public accounting firms that are independent of the client organization being audited.

• Attest service

• Assurance Service

• Both A and B

• None of the above

Three classes of Auditing standards

• field work standards

• general qualification standards

• accounting standards

• reporting standards

Independent attestation performed by an expert  (i.e., CPA) who expresses an opinion regarding the fair presentation of financial statements. Which is not belong to the group

• CPA

• external auditor

• internal auditor

• independent auditor

External auditors often cooperate with and assist internal auditors in some aspects of financial  audits

• TRUE

• FALSE

Fraud audits may be initiated by management who suspects employee fraud or the board of directors who suspects executive fraud.

• TRUE

• FALSE

_____ are claims that establish whether or not financial statements are true and fairly represented in the process of auditing.

They hire and fire auditors and resolve disputes.

Ensure validity, completeness,  and accuracy of financial transactions.

• General

• Access

• Application

• Internal

_____ensure only authorized personnel  have assess to firm’s assets.

• General

• Access

• Application

• Internal

THe objective of this is to determine if  adequate controls are in place and functioning.