20. Match the engagement described to the (A) type of audit and (B) auditor that
ID: 2541370 • Letter: 2
Question
20. Match the engagement described to the (A) type of audit and (B) auditor that would most likely perform the engagement. Each engagement will have an answer from List-A and List-B. An answer can be used once, more than once, or not at all. List A-Type of Audit:List B-Type of Auditor: a. Financial Statement b. Compliance c. Operational d. Internal e. External f. Government g. IRS Engagement: 1. Evaluate a company's payroll processing for economy. 2. Evaluate/determine if bank covenants are being met. 3. Evaluate financial statements that are to be submitted to a bank. 4. Evaluate the promptness of materials inspection in a manufacturer's receiving department. 5. Determine if Medicare reimbursements are in accordance with the Healthcare Financing Administration (HCFA) 6. Determine if the tax return of a multinational corporation is in accordance with the tax code. 7. Determine if a public school is properly applying their reimbursement for the payment-in-kind program. 8. Determine the effectiveness of a Department of Defense project. Answer:Explanation / Answer
Type of Audit Type of Auditor 1)Evaluate a company's payroll processing for economy. c. Operational d. Internal 2)Evaluate/determine if bank covenants are being met. b. Compliance d. Internal 3) Evaluate financial statements that are to be submitted to a bank. a. Financial Statement e. External 4)Evaluate the promptness of materials inspection in a manufacturer's receiving department. c. Operational d. Internal 5)Determine if Medicare reimbursements are in accordance with the Healthcare Financing Administration (HCFA). b. Compliance f. Government 6)Determine if the tax return of a multinational corporation is in accordance with the tax code. b. Compliance g. IRS 7)Determine if a public school is properly applying their reimbursement for the payment-in-kind program. b. Compliance e. External 8)Determine the effectiveness of the department of defense project. c. Operational f. Government
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