Auditing progress check

An auditor’s report is written …

• in a letter format and is one page long

• in the form of an essay and is one page long

• in the form of a chart and is fives pages long

… is issued if the statements are not presented fairly or do not conform to GAAP.

• Unqualified opinion

• Adverse opinion

• Unfavourable opinion

Many public auditors are …

• CFOs

• CPAs

• COOs

Internal audit work focuses on ...

• promoting efficiency and effectiveness

• assuring the integrity of the information

• safeguarding assets

• recording sales and purchases

• keeping track of accounts receivable and accounts payable

The quality of being correct and without mistakes is ...

An auditor's opinion is included in ...

• Balance sheet

• Income statement

• Annual report

• Interim report

Investigators of legal and financial documents that are hired to look into possible suspicions of fraudulent activity within a company are ...

• Private auditors

• Forensic auditors

• Management accountants

• Public auditors

An unqualified or clean audit opinion means that the auditor hasn't identified any material ...

• statements

• assets

• misstatements

Government auditors detect ...

• fraud

• financial ratios

• investment opportunities

• embezzelement

Additional rules for the audits of publicly traded companies are made by the Public Company Accounting Oversight Board (PCAOB) that was established as a result of ... in 2002

• Lehman Brothers collapse

• Wirecard scandal

• Sarbanes-Oxley Act