Name of Student: Reynalyn B.

Rinconada Id Number: C-2020-0143

Course: BSA-2 Date: May 4,2022

AUDITING IN GENERAL

1. C.
2. B.
3. A.
4. B.
5. C.
6. D.
7. C.
8. A.
9. C.
10. D.
11. D.
12. A.
13. B.
14. D.
15. D.
16. B.
17. A.
18. D.
19. D.
20. A.

Activity- II

1.True, because auditing is the process of attesting to assertions about economic actions and events.

2.True, because the internal auditor is a primary provider of operational audits.

3.True, because the objectives of internal auditors are considerably broader than the objectives of external
auditors

4.False, because the objective of government auditing is to assess the performance of public
accountability, which means to assess the attainment of administrative objectives so that government
agencies can complete the process of providing services to citizens.

5.False, because to help them remain independent of the operations they audit, internal auditors should
report directly to the controller. Internal auditors of publicly traded companies in the United States are
required to report functionally to the board of directors directly, or a sub-committee of the board of
directors (typically the audit committee), and not to management except for administrative purposes.
6.False, because independent financial statements audit is an example of reasonable level but direct
reporting assurance engagement. In an audit engagement, the auditor provides a high, but not absolute,
level of assurance that the information subject to audit is free of material misstatement. This is expressed
positively in the audit report as reasonable assurance.

7.False, because the professional code of conduct is a set of principles which requires the auditors to
follow professionalism while conducting an audit.

8.True, because the CPA Firm is engaged and paid by the client, but the primary beneficiaries of the audit
are those who rely on the FS.

9.True, because the auditor has no responsibility to plan and perform the audit to obtain reasonable
assurance that misstatements, whether caused by errors or fraud, that are not material to the FS are
detected.

10.True, because assertion are relevant to the audit process because they are the representations of
management embodied in the FS.