Internal Auditors Are Expected to Add Value to the Organization

question 86

Multiple Choice

Internal auditors are expected to add value to the organization through improved operational effectiveness. In addition, their responsibilities include all the following except

• A) reviewing the reliability and integrity of information.
• B) ensuring compliance with the company's accounting policies.
• C) verifying accounting information for external users.
• D) ensuring compliance with applicable governmental regulations.

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Definitions:

Internal Control

Policies and procedures implemented by a firm to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Bank Reconciliation

The process of verifying and reconciling the balance of a bank account with the corresponding financial records of a company or individual.

Internal Controls

Processes put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn against; stands for "Non-Sufficient Funds."