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Shareholders receive audit reports to gain assurance about the accuracy and reliability of a company's financial statements. These reports, prepared by independent auditors, provide an objective assessment of the company's financial health, adherence to accounting standards, and internal controls. By reviewing audit reports, shareholders can make informed decisions regarding their investments and hold management accountable for financial performance. Ensuring transparency and trust in financial reporting ultimately supports shareholder confidence and protects their interests.
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Who are the primary beneficiaries of audit report?
shareholders
What are two differences between an internal audit and an external audit?
1) An internal audit is an appraisal of activities within company areas, whereas an external audit looks at the financial statements as a whole 2) An internal report is normally given to managers, while an external report is prepared for shareholders, related companies, creditors, or government agencies.
What is the intervening variable between internal audit resources and profitability?
Quality of audit reports quality of emloyees
What is a SAS 70 type ii audit?
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.
What is operational audit?
Process to determine ways to improve production. Contrast with external-audit, which relates to financial statements.Operational audit focuses on managerial effectiveness rather than accuracy of financial reports.
Who are the primary beneficiaries of audit report?
shareholders
What are two differences between an internal audit and an external audit?
1) An internal audit is an appraisal of activities within company areas, whereas an external audit looks at the financial statements as a whole 2) An internal report is normally given to managers, while an external report is prepared for shareholders, related companies, creditors, or government agencies.
How many audit reports were issued by the DOD and Inspector General from 1996-2002?
How many audit reports were issued by the DoD and Inspector General (IG) from 1996-2002
What is the intervening variable between internal audit resources and profitability?
Quality of audit reports quality of emloyees
How many audit reports were issued by the DoD and Inspector General (IG) from 1996-2002?
How many audit reports were issued by the DoD and Inspector General (IG) from 1996-2002
Mention three stakeholders who would be interested in the audit reports?
mention three stakeolders that will be intrested in the audit report
What is a SAS 70 type ii audit?
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.
What is the key function of audit committees?
They ensure that boards of directors fulfill their financial and fiduciary responsibilities to shareholders.
A covering memorandum should be attached to formal reports that are sent to?
shareholders
What does LRA worldwide stand for?
Redevelopment Agency (LRA) Audit Reports
What is operational audit?
Process to determine ways to improve production. Contrast with external-audit, which relates to financial statements.Operational audit focuses on managerial effectiveness rather than accuracy of financial reports.
Stakeholders that would be interested in an audit report?
Shareholders of the company, the directors of the company, the accountant of the company and future investors or creditors
