age 1 of 18
Auditing & Assurance Services 18th Edition ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES || 100% GUARANTEED
PASS <RECENT VERSION>
Sec 302 .......Answer.........requires management to sign a
statement as to the effectiveness of the company's internal
controls
Sec 404 .......Answer.........requires auditors to give their opinion
on the internal controls of the company
Part B of Sec 404 .......Answer.........Requires an public accounting
firm to check controls
Dodd Frank .......Answer.........2010 law that regulates banking
and financial institutions; creates new agency housed in the Fed
,age 2 of 18
to oversee institutions providing credit to consumers, ends "to big
to fail" bailouts like AIG, created system to give early warning
signals before big companies can threaten stability of the
economy, etc.
Assurance .......Answer.........Governance, risk, control
Insight .......Answer.........catalyst, analyses, assessments
Objectivity .......Answer.........integrity, accountability,
independence
Internal audit .......Answer.........Add value and improve an
organization's operations to accomplish objectives . . . evaluate
and improve effectiveness of risk management, control, and
governance processes . . . independence and objectivity,
systematic and disciplined approach
, age 3 of 18
Helping the org accomplish objectives .......Answer.........Strategic,
operations, reporting, compliance
Strategic .......Answer.........goals related to stockholder interests
Operations .......Answer.........Effectiveness and efficiency of
operations
Reporting .......Answer.........Internal/external
Compliance .......Answer.........Adherence to laws and regulations
Governance .......Answer.........Board of Directors; authorize,
direct, oversee mgmt toward achieving objectives
Risk Mgmt .......Answer.........Mgmt; understand and deal with
uncertainties that could affect performance
Auditing & Assurance Services 18th Edition ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES || 100% GUARANTEED
PASS <RECENT VERSION>
Sec 302 .......Answer.........requires management to sign a
statement as to the effectiveness of the company's internal
controls
Sec 404 .......Answer.........requires auditors to give their opinion
on the internal controls of the company
Part B of Sec 404 .......Answer.........Requires an public accounting
firm to check controls
Dodd Frank .......Answer.........2010 law that regulates banking
and financial institutions; creates new agency housed in the Fed
,age 2 of 18
to oversee institutions providing credit to consumers, ends "to big
to fail" bailouts like AIG, created system to give early warning
signals before big companies can threaten stability of the
economy, etc.
Assurance .......Answer.........Governance, risk, control
Insight .......Answer.........catalyst, analyses, assessments
Objectivity .......Answer.........integrity, accountability,
independence
Internal audit .......Answer.........Add value and improve an
organization's operations to accomplish objectives . . . evaluate
and improve effectiveness of risk management, control, and
governance processes . . . independence and objectivity,
systematic and disciplined approach
, age 3 of 18
Helping the org accomplish objectives .......Answer.........Strategic,
operations, reporting, compliance
Strategic .......Answer.........goals related to stockholder interests
Operations .......Answer.........Effectiveness and efficiency of
operations
Reporting .......Answer.........Internal/external
Compliance .......Answer.........Adherence to laws and regulations
Governance .......Answer.........Board of Directors; authorize,
direct, oversee mgmt toward achieving objectives
Risk Mgmt .......Answer.........Mgmt; understand and deal with
uncertainties that could affect performance
