- Steve Ankenbrandt, president of Beeb Corporation, has been discussing the company’s internal operations with the presidents of several other multidivision companies. Ankenbrandt discovered that most of them have an internal audit staff. The activities of the staffs at other companies include financial audits, operational audits, and sometimes compliance audits.
Describe the meaning of the following terms as they relate to the internal auditing function:
a. Financial auditing.
b. Operational auditing.
c. Compliance auditing.
- Throughout this book, emphasis has been placed on the concept of independence as the most significant single element underlying the development of the public accounting profession. The term “independent auditor” is sometimes used to distinguish the public accountant from an internal auditor. Nevertheless, The Institute of Internal Auditors points to the factor of independence as essential to an effective program of internal auditing. Distinguish between the meaning of independence as used by the American Institute of Certified Public Accountants in describing the function of the certified public accountant and the meaning of independence as used by The Institute of Internal Auditors to describe the work of the internal auditor.
- Matt Gunlock, CPA, is performing an audit of the City of Ryan in accordance with AICPA generally accepted auditing standards.
a. Must Matt be concerned with the city’s compliance with laws and regulations? Explain
b. How should Matt decide on the nature and extent of the tests of compliance that should be performed in the audit?
- Operational auditing has grown in importance over the last few decades.
a. Define operational auditing.
b. Who are the major users of operational audit reports.
c. List the phases of an operational audit.
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