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Types of Auditors and their Responsibilities

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Types of Auditors and their Responsibilities

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Questions and Answers

What is the main objective of a financial statement audit?

Determine the economic actions and events of a business

Add credibility to the financial position and performance (correct)

Provide assurance on financial statements free from material error

Evaluate evidence to ensure accuracy of information

What is the key difference between auditing and accounting?

Accounting involves objective evaluation, auditing involves subjective opinion

Accounting deals with financial data, auditing deals with fraud detection

Accounting focuses on providing assurance, auditing focuses on financial statement preparation

Auditing involves objectively obtaining and evaluating evidence, accounting involves accumulating data (correct)

What is the primary role of an internal auditor?

Accumulating and evaluating evidence for economic actions

Evaluating information for correspondence with establish criteria

Providing assurance on financial statements

Detecting and preventing fraud within the organization (correct)

Which type of auditor focuses on ensuring adherence to organizational procedures and policies?

Operational auditor Signup and view all the answers

What is the main purpose of an operational audit?

Assessing adherence to organizational procedures and policies Signup and view all the answers

In auditing, what does 'reasonable assurance' refer to?

High level of confidence without absolute certainty Signup and view all the answers

Which type of auditor focuses on investigating financial irregularities or suspected fraud?

Forensic auditor Signup and view all the answers

What is the primary difference between an external auditor and an internal auditor?

External auditors evaluate internal controls, internal auditors review adherence to organizational policies. Signup and view all the answers

What is the primary focus of a forensic auditor?

Investigating financial irregularities or suspected fraud. Signup and view all the answers

What does an operational audit mainly focus on?

Evaluating adherence to organizational procedures and policies. Signup and view all the answers