Discuss the primary objective of the external auditors

Assignment Help Accounting Basics
Reference no: EM131754135

External auditors should consider the work of internal auditors in their assessment of control risk.

A. Are internal auditors independent of management? Explain.

B. What is the difference between the primary objective of the external auditors and that of internal auditors? Explain.

C. Discuss the factors that should be considered by the external auditors in deciding how much, if any, reliance should be placed on the work of the internal auditors.

Reference no: EM131754135

Questions Cloud

Define contract-letter of intent-memorandum of understanding : Define Contract, Letter of Intent and Memorandum of Understanding? In addition, describe differences among them?
Suppose we pick two cards at random from an ordinary : What is the probability that the sum of the values of the two cards (where we count jacks, queens, and kings as 10, and count aces as 1) is at least 4?
What is the expected time until both are done : Ilan and Justin are competing in a math competition. They work independently and each has the same two problems to solve.
Suppose we keep dealing cards from an ordinary : Suppose we keep dealing cards from an ordinary 52-card deck until the first jack appears. What is the probability that at least 10 cards go by before the first
Discuss the primary objective of the external auditors : What is the difference between the primary objective of the external auditors and that of internal auditors
Spades and the ace of clubs are adjacent : In a well-shuffled ordinary 52-card deck, what is the probability that the ace of spades and the ace of clubs are adjacent to each other?
Compute the average amount of time to get goods : In a hardware store you must first go to server 1 to get your goods and then go to a server 2 to pay for them. Suppose that the times for the two activities.
Discuss the primary objective of the external auditors : What is the difference between the primary objective of the external auditors and that of internal auditors? Explain
Expected total amount of time for carol : Consider a bank with two tellers. Three people, Anne, Betty, and Carol enter the bank at almost the same time and in that order.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Differential gain and input offset voltage

An NMOS differential pair is to be used in an amplifier whose drain resistors are 10 kΩ ± 1%. For the pair, Kω nW/L =4 mA/V2. A decision is to be made concerning the bias current I to be used, whether 160 μA or 360 μA. Contrast the differential ga..

  Business combinations

Business Combinations

  Century medical center is willing to make an even exchange

shenefelt medical center wants to dispose of its cat scan machine. the original cost of the machine was 445000 and

  Corey and addison are engaged and plan to get married

Corey and Addison are engaged and plan to get married. During 2009, Corey, is a full-time student and earns $8,000 from a part-time job. With this income,

  Monex reported 70000 of net income for the year by using

monex reported 70000 of net income for the year by using absorption costing. the company had no beginning inventory

  Compute the budgeted manufacturing overhead rate

1. Compute the budgeted manufacturing overhead rate. 2. Prepare the summary journal entry to record the allocation of manufacturing overhead.

  Would the investor have experienced a capital gain

How much would an investor earn on a stock purchased one year ago for $70 if it paid an annual cash dividend of $4.35 and had just been sold for $78.50?

  Express the volume of the solid in the first octant

Express the volume of the solid in the first octant bounded by z=9-x2-(9/4)y2 and the coordinate planes using a double intergral in the order dydx. (you do not need to calculate the intergral)

  Information concerning a capital budgeting project

The expected life of the project and the equipment is 3 years and the equipment has zero salvage value. The company uses straight-line depreciation on all equipment and the depreciation expense on the equipment would be $150,000 per year.

  Indicate any amounts that rantzow lear company

Indicate any amounts that Rantzow-Lear Company would report in its 2011 balance sheet and income statement as a result of this investment.

  The hyde corporation purchased bonds with a face value

On January 1, 2010, the Hyde Corporation purchased bonds with a face value of $300,000 for $308,373.53.

  What is a balanced scorecard

What is a balanced scorecard? What are the four scorecard perspectives identified and the objectives of each

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd