Auditing and Assurance Service 15e Test Bank Essay

4449 Words Sep 9th, 2014 18 Pages
Auditing and Assurance Services by Alvin a Arens 15th Edition Test Bank
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Auditing and Assurance Services, 15e (Arens)
Chapter 26 Internal and Governmental Financial Auditing and Operational Auditing

Learning Objective 26-1

1) Internal Auditors are expected to add value to the organization through improved operational effectiveness. In addition, their responsibilities include all the following except:
A) reviewing the reliability and integrity of information.
B) ensuring compliance with the
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List three.
Answer: Managing the Internal Audit Activity
Nature of the work
Engagement Planning
Performing the Engagement
Communicating Results
Monitoring Progress
Communicating the Acceptance of Risks
Terms: International Standards for the Professional Practice; Performance standards
Diff: Moderate
Objective: LO 26-1
AACSB: Reflective thinking skills

11) What are three similarities between internal and external auditors?
Answer:
• Both must be competent as auditors and remain objective in performing their work and reporting their results.
• Both follow a similar methodology in performing their audits, including planning and performing tests of controls and substantive tests.
• Both consider risk and materiality in deciding the extent of their tests and evaluating results. However, their decisions about materiality and risks may differ, because external users may have different needs than management or the board.
Terms: Similarities between internal and external auditors
Diff: Moderate
Objective: LO 26-1
AACSB: Reflective thinking skills
12) External auditors typically consider internal auditors effective if they

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