ACCT 422 Auditing Theory and Practice Homework 8 Answers – Homeworkmade

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ACCT 422 Auditing Theory and Practice Homework 8 Answers

I     MULTIPLE CHOICE QUESTIONS.  Choose the one alternative that best completes the statement or answers the question (5 points each).

1. In comparison to the external auditor, an internal auditor is more likely to be concerned with

2. Which of the following is considered a nonassurance service?

3. Which examination is given uniformly throughout the 54 United States licensing jurisdictions in May and November?

II  ESSAY. Write your answer in the space provided or on a separate sheet of paper.

1. Discuss the objectives of the Single Audit Act.  Discuss the reporting requirements of the Single Audit Act and OMB Circular A-133.  (25 points)

2. Compare the eleven attestation standards to the ten Generally Accepted Auditing Standards. (20 points)

3. Distinguish between financial audit, compliance auditing, and performance auditing. Discuss between economy and efficiency audits and program audits. (20 points)

4. Explain the difference between the independence of internal auditors and external auditors in the audit of historical financial statements.  (10 points)

5. Explain the difference between assurance service and nonassurance services.  (10 points)