Practice Quiz

RTRP - IRS Registered Tax Return Preparer Test

Category - Specialized Forensic Knowledge

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Why are internal auditors of a company barred from auditing the financial statements?
  1. To accommodate external auditors
  2. To prevent internal auditors from auditing financial information he/she prepared
  3. Internal auditors can be unreliable
  4. It is cost-effective
Explanation
Answer: B - Internal auditors of a company are barred from auditing the financial statements he/she prepared. Doing so can be problematic if he/she contributed to the preparation of financial information.
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