An Independent Auditor Asked a Client's Internal Auditor to Assist

question 12

Multiple Choice

An independent auditor asked a client's internal auditor to assist in preparing a standard financial institution confirmation request for a payroll account that had been closed during the year under audit. After the internal auditor prepared the form, the controller signed it and mailed it to the bank. What was the major flaw in this procedure?

• A) The internal auditor did not sign the form.
• B) The form was mailed by the controller.
• C) The form was prepared by the internal auditor.
• D) The account was closed, so the balance was zero.

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Definitions:

FITT

An acronym for Frequency, Intensity, Time, and Type; a principle used in creating and managing exercise programs to achieve desired fitness outcomes.

Frequency

The rate at which an event or phenomenon occurs over a specific time period, often used in the context of exercise or other routines.

Intensity

The level of effort or exertion required by a physical activity or exercise, often categorized as low, moderate, or high.

Mitochondria

Organelles found in most cells, responsible for producing energy by converting food into adenosine triphosphate (ATP) through the process of oxidative phosphorylation.