1. the chief audit executive has noticed that some staff auditors have become more proficient in...

1. the chief audit executive has noticed that some staff auditors have become more proficient in the use of personal computers while other auditors want nothing to do with them. the executive should:

A. disregard the differences

B. Provide training for those individuals interested in improving their skills

C. Discipline the individuals who display no self starting abilities

D. Establish a program for developing the capabilities of the entire internal audit department

Solutions

Expert Solution

Explanation:

correct answer is option "D" ( i.e the auditor should develop the capabilities of the entire internal audit department )

Auditing is an important part for the company's smooth functioning and prevention of frauds and errors in timely manner.

The executive auditor acts as a watchdog, focusing on implementation of laws and regulations on continuous basis.

The auditor cannot work by himself all the way throughout the audit, therefore he needs assistance from other audit assistant for completion of audit.

The auditors assistant must be well educated,trained and qualified to assist the auditor for which day need to be regularly updated about the latest changes taking place in the market and in accounting technologies.

Other options

Option A : if the auditor discovered the difference then he will not be able to place appropriate order assistants for the audit purpose.
Option B : auditor cannot provide training to only those who are interested it is the duty of order to train the complete staff of the form rather than providing training to only interested once.
Option C : the auditor should try to motivate the individuals to develop skills and to update themselves rather than forming discipline in these individuals.

ekkarill92 answered 5 months ago

Next > < Previous

Related Solutions

You are the financial controller of a USA listed company. Your chief executive officer has noticed...

You are the financial controller of a USA listed company. Your chief executive officer has noticed that it takes a substantial amount of time to follow the Conceptual Framework to prepare the company’s financial reports. As a result, he wants you to stop preparing the financial report s and concentrate on the core business development planning reports instead. As the financial controller, you need to explain to your chief executive officer the following: a What is the meaning of the...

Prepare the memo requested by the chief audit executive Westgate Company Ltd.

Over the past few weeks, you have become more familiar with your staff and are beginning...

Over the past few weeks, you have become more familiar with your staff and are beginning to feel like part of their family. To that end, you have recently accepted some "friend requests" on Facebook from some of the staff. You were at home last night, getting caught up on Facebook when you came across a post from one of the employees that said: " I hate my new boss at the clinic. A power hungry jerk making too many...

Due to recent changes in audit standards, external auditors are relying on internal audit functions more...

Due to recent changes in audit standards, external auditors are relying on internal audit functions more often. Please discuss ways that external auditors can assess the effectiveness of the internal audit function.

Explain and fully justify the steps that you would take as the Chief Audit Executive when...

Explain and fully justify the steps that you would take as the Chief Audit Executive when setting up a new internal audit function in a company.

The PCAOB Staff Audit Practice Alert No. 14 (April 21, 2016) begins with comments about auditors’...

The PCAOB Staff Audit Practice Alert No. 14 (April 21, 2016) begins with comments about auditors’ judgments and decisions around improper altering of audit documentation: The PCAOB staff has prepared this practice alert to emphasize that improperly altering audit documentation in connection with a PCAOB inspection or investigation violates PCAOB rules requiring cooperation with the Board’s oversight activities and can result in disciplinary actions with severe consequences. Improperly altering audit documentation is also inconsistent with an auditor’s professional duty to...

The audit committee reports directly to the external auditor. board of directors. internal auditor. chief executive...

The audit committee reports directly to the external auditor. board of directors. internal auditor. chief executive officer. The treasurer of a company is responsible for identifying areas where a firm might incur substantial losses. preparing financial statements for the annual report. making sure a firm has adequate cash available. managing a firm’s risk exposure in financial and commodity markets. Which of the following is an example of frivolous agency costs? Providing lunch for the employees. Excessive perks. Hiring external auditors...

What activities could the executive team initiate that would empower more staff to act on reducing...

What activities could the executive team initiate that would empower more staff to act on reducing errors in the clinical setting?

Joe Moran is an audit senior of Principal Auditors, a large international audit firm. He has...

Joe Moran is an audit senior of Principal Auditors, a large international audit firm. He has been asked by the audit partner, Sale Fields, to evaluate the following audit risks of a major international client. One of the client's soft drink factory warehouse reported large staff turnover in its cash payment section. For two months, two employees were recording and authorising batches of cheques for each other to overcome staff shortages. Required: What key account(s) is/are likely to be affected?...

Sam is an audit senior of Principal Auditors, a large international audit firm. He has been...

Sam is an audit senior of Principal Auditors, a large international audit firm. He has been asked by the audit partner, Sal Fields, to evaluate the following audit risks of a major international client. One of the client's soft drink factory warehouse reported large staff turnover in its cash payment section. For two months, two employees were recording and authorising batches of cheques for each other to overcome staff shortages. Required: What aspect of Audit Risk will be affected (Control...

Subjects