8. Which one of the following statements is correct ? Public companies, that are listed on a Stock Exchange, are required to have an external Environmental Audit done annually. O ISO 14001 is an environmental certification scheme that encourages environmental management systems. The term "Environmental Audit" refers only to an audit engagement which is concerned with reporting about the organisation's environmental performance to parties internal to the organization.

8. Which one of the following statements is correct ? Public companies, that are listed on a Stock Exchange, are required to have an external Environmental Audit done annually. O ISO 14001 is an environmental certification scheme that encourages environmental management systems. The term "Environmental Audit" refers only to an audit engagement which is concerned with reporting about the organisation's environmental performance to parties internal to the organization.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 40MCQ

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Similar questions

AICPA and PCAOB Responsibilities. The creation of the PCAOB by the Sarbanes–OxleyAct has affected both the standards-setting process and the periodic review of the quality ofan audit firm’s work.Required:a. Identify the responsibilities of the AICPA, PCAOB, and SEC in the auditing standardssetting process.b. Which standard(s) provide guidance for the audits of public entities? Which standard(s)provide guidance for the audits of nonpublic entities?c. What role do the AICPA and PCAOB play in the periodic review of the quality of auditfirms’ work?
Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the AICPA? a. to serve investors b. to serve the International Accounting Standards Board (IASB) c. to serve the capital markets d. to serve public company auditors
{Auditing} 45. The audit is subjected to the guidelines provided under the International Standards on Auditing. From the statements enunciated here under identify which one of the options does not show the objective of auditing? a. Auditing enables an auditor in determination of the true and fair view of the financial position of an enterprise b. Auditing enables the auditor to prepare the financial statements of an entity c. Auditing enables an auditor to express an opinion on financial statements d. Auditing enables an auditor in determination of the true and fair view of the operating results of an enterprise.
Refer to Exhibit 2.5 and answer the following questions. a. (Sections 101, 104, and 105) How does the establishment and operation of the PCAOB help to ensure quality external audits? How will audit firm inspections and investigations by the PCAOB help ensure high audit quality? b. (Sections 201-203) How do Sections 201-203 address audit ()r independence concerns? c. (Section 206) What is a cooling-off period, and how does it address auditor independence concerns? d. (Section 301) How do the audit committee requirements help ensure effective corporate governance? e. (Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility? f. (Section 401) How does this section relate to the Enron fraud? g. (Section 404) How do the management assessment and audit or attestation of internal controls contained in this section help to address the risk of fraud in publicly traded organizations? h. (Section 407) Why is it important that at least one member of the audit committee be a financial expert? What are the financial reporting implications if the audit committee does not have any individuals serving on it who possess financial expertise? i. (Section 802) How does this section relate to the Enron fraud?
You are undertaking an audit programme. Discuss teh roles and responsibilites that the lead auditor would undertake when managing the audit program. according to ISO19011:2018
In an audit report on the effectiveness of ICFR for a public company, to what does the basis of opinion paragraph make a reference? A definition of ICFR that is taken directly from PCAOB AS 2201. O The COSO Internal Control-Integrated Framework as the criteria used as the basis for determining if ICFR are effective. O The financial statement audit report and the type of opinion that was given on the financial statements. Registration with the PCAOB and independence requirements of the SEC and other federal securities laws.
Consider the following statements: I. For an audit of a non-public company a issue involving information in the “Management Discussion and Analysis section of the company’s annual report would be addressed in an Other Matter paragraph. II. The new PCAOB audit report includes a section involving Key Audit Matters. I is true; II is true I is true; II is false I is false; II is true I is false; II is false
AU-C 500 Audit Evidence, in the AICPA auditing standards refers to information produced by the entity. What must the auditor do to evaluate whether information provided by the client is sufficiently reliable?
Find out the audit requirements for Oman, i.e. companies/organisations for whom annual audits are mandatory and those for whom it is not.
International Standards on Auditing (ISAs) are issued by the International Auditingand Assurance Standards Board (IAASB). Use the IAASB Web site (http://www.ifac.org/IAASB/) to learn more about the IAASB and its standard-setting activities.a. What is the objective of the IAASB? Who uses International Standards on Auditing?b. Summarize the due process followed by the IAASB in setting standards.c. How is the IAASB committed to transparency in the standard-setting process?
Which of the following statements is true of auditing? Group of answer choices External audits tend to be more expensive than internal audits. External audits are handled by employees of the organization. Publicly held corporations are required by law to have internal audits regularly. All organizations are required to have a permanent internal auditing staff. Organizations contract with certified public accountants for external audits.
Which of the following groups is responsible for developing auditing standards for public firms in the U.S.? A. American Institution of Certified Public Accountant (AICPA)B. Public Company Accounting Oversight Board (PCAOB)C. Organizations for Economic Cooperation and Development (OECD)D. Center for Audit Quality (CAQ)