HomeworkLib
Question

2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of res

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans: The correct option for the answer is option A i.e. Operational audit.

The audit process toward assessing the efficiency and effectiveness of a firms departments, programs, is termed as operational auditing.Operational auditing is the process of evaluating an organisational efficiency , and economy of operations under management control.It majorly focus on efficient utilization of resources

According to HOMEWORKLIB RULES only first question need to be answered

0 0
Add a comment
Know the answer?
Add Answer to:
2. Which one of the following types of audits would be most likely to focus on...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. Detection risk is the risk a. that internal controls will not be followed. b. that...

    1. Detection risk is the risk a. that internal controls will not be followed. b. that the business will naturally experience, regardless of internal controls. c. that measures the effectiveness of a firm's internal controls. d. that an internal audit will not uncover incidents where controls have not been followed. 2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of resources? a. Operational audit b. Independent audit...

  • Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee

    1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...

  • Required information [The following information applies to the questions displayed below.) 0.5 Section 301 of the...

    Required information [The following information applies to the questions displayed below.) 0.5 Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee. Independent auditors are increasingly involved with audit committees. points c. Select all of the following that are functions of the audit committee: (Select all that apply.) eBook Ask Check All That Apply Print Selection of the independent auditor, discussion of audit fee with the auditor, and review of the auditor's engagement letter. References Review...

  • Which of the following statements about audit trails is true? a. Unlike most internal controls, the...

    Which of the following statements about audit trails is true? a. Unlike most internal controls, the audit trail can be established and implemented by management b. An audit trail is a control that needs a description of only the source documents that are currently being used to record transactions c. SOX 404 requires the disclosure of audit trail procedures in the internal control report d. Audit trails are useful as detective controls because they help the user(s) uncover whether financial...

  • 1.Which of the following controls would provide the most assurance to management that recorded sales actually...

    1.Which of the following controls would provide the most assurance to management that recorded sales actually occurred? A) Statements are sent to customers at the end of each month, and customer complaints are investigated B) Responsibilities for recording a customer order and shipping the products are segregated C) A credit sale is recorded only after a credit check is performed D) Shipping documents are prepared for every shipment made and filed in the shipping department 44. Which of the following...

  • Which of the following is  not one of the types of internal audits? a A comparison of...

    Which of the following is  not one of the types of internal audits? a A comparison of estimates and analysis made before purchase of a major capital asset to actual numbers and results achieved. b An examination of procedures for reporting and disposing of hazardous waste. c A review of source documents and general ledger accounts to determine integrity of recorded transactions. d A review of the corporate organizational structure and reporting hierarchies. Which of the following is  not one of the...

  • Create a system flowchart and review the controls in the process. See attached document for details....

    Create a system flowchart and review the controls in the process. See attached document for details. Flowchart Assignment Business Process Diagramming and Control Evaluation The project is based on the business processes and controls for Order Entry/ Shipping and Billing / Cash Receipts at NashGulch Furnishings. NashGulch Furnishing sells high end, i.e. expensive and unique, home and office furnishings to design studios, building contractors, and architects. Customers place orders over the phone to the NashGulch customer fulfillment center, Nash Gulch...

  • 22. Which of the following factors most likely would heighten an auditor's concern about the risk...

    22. Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a..The audit committee's approval of the initial selection of accounting principles. b..A lack of competition in the entity's industry, accompanied by increasing profit margins. c..Management's disclosure of unresolved litigation and contingent liabilities. d..Year-end adjustments by the entity that significantly affect financial results 23. Which of the following factors most likely would cause an accountant not to accept an engagement to...

  • Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3....

    Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Performance reviews 4.3. Information-processing controls 4.3.1. IT general controls 4.3.2. IT application controls 4.3.3. IT-dependent manual controls 4.4 Physical controls 4.5 Segregation of duties 5. Monitoring Following is a list of controls implemented by Waterfront, Inc. a. Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. b. Waterfront's...

  • The discussion: 150 -200 words. Auditing We know that computer security audits are important in business....

    The discussion: 150 -200 words. Auditing We know that computer security audits are important in business. However, let’s think about the types of audits that need to be performed and the frequency of these audits. Create a timeline that occurs during the fiscal year of audits that should occur and “who” should conduct the audits? Are they internal individuals, system administrators, internal accountants, external accountants, or others? Let me start you: (my timeline is wrong but you should use some...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT