You are an auditor on an engagement performing substantive procedures of cash receipts. Your main source of information for vouching the bank reconciliation items is the

Select one:

a.Accounting journal at year end.b.Bank statement at audit date.c.Standard bank confirmation.d.Cutoff bank statement.

Copley & Soft, CPAs are the external auditors for Stig Corporation, a publicly-held company. Stig Corporation has outsourced its internal audit function to Copley & Soft. Which of the below statements is correct?

Select one:

a. Public accounting firms cannot be both the internal and external auditors for publicly-held companies and maintain independence.b. Doing internal audit work does not impair the independence of Copley & Soft.c. The independence of Copley & Soft is impaired only if employees of Copley & Soft act in a management capacity or make management decisions.d. The independence of Copley & Soft is impaired only if a member of Copley & Soft's engagement team is hired to manage an accounting function in Stig Corporation.