Explain four (4) examples of specific operational audits that could be conducted by an internal auditor in a manufacturing company.
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- List five examples of specific operational audits that can beconducted by an internal auditor in a manufacturing companyAn examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit Select one: a. compliance audit b. operational audit c. financial statement audit d. production audit1. Standards requires auditors obtain an understanding of an organization’s control environment. Discuss two techniques that may be used to obtain such understanding. PLease answer this thank you:)
- Describe FOUR internal control procedures an auditor would expect the company to put in place in respect of inventoriesIt is a primary responsibility of an auditor to understand the internal control environment of a company to engage in the audit process in an effective manner. This guideline is part of a. General Standard of GAAS D. Field Work standard of GAAS C. Reporting standard of GAAS d. Audit standard of GAASUnder what circumstances are external auditors likely to be involved in operational auditing? Can you provide one example of operational auditing by a CPA firm.
- A document created by the organization and requested from the organization by an internal auditor would provide what level of reliability? A) High B Medium C Low D) AbsoluteWhich of the following documents or/ and procedures should be used by the auditor to gain a better understanding of the client ? 1 .Discussion with management 2. Communications with certain entities working in the same industry sector 3. Predecessor auditor assessment of the internal control 4. All answers are correctDescribe the procedures typically performed when conducting an IT audit related to: a. Systems Development b. Business Continuity Planning/Disaster Recovery Planning
- Which of the following is an attribute of the internal control procedure—assignment of responsibilities? A. The external auditors will monitor internal controls. B. The company should separate the custody of assets from accounting. C. Each position has clearly assigned responsibilities. D. To validate their accounting records, a company should have an audit by an external accountant.Which of the following type of auditors provide an opinion on the effectiveness of the operational activities of the organization. i) External Auditor ii) Internal Auditor iii) System Auditor iv) Cost Auditor Both i and ii Only i Both iii and iv Only iiService organization control (SOC) reports may be requested by auditors when a service organization processes transactions related to a client's (user organization) internal control over financial reporting. Required: For each of the following statements related to Service Organization Control (SOC) reports, indicate whether it is appropriately related to a Type 1 report (T1), Type 2 report (T2), both a Type 1 and Type 2 report (B), or neither a Type 1 or Type 2 report (N). a. Disclaims an opinion on the fairness of the entity's financial statements. b. Provides a description of the service organization's internal control over financial reporting. c. Summarizes tests of operating effectiveness of controls at the service organization. d. Expresses an opinion on the suitability of design of internal controls over financial reporting. B e. Use of the service auditor's report is restricted to specified parties. f. Would be requested when client is an issuer. g. Disclaims an opinion on the…