Audit report content and format may vary; but according to The International Standards of Professional Practice of Internal Auditing which of the following is a necessary element?
a. Status of findings from prior reports.
b. The auditee's views about the engagement's conclusions.
c. Statement of what was cover in the engagement.
d. Documentation of previous oral communications with area management.
e. Related activities not examined in the engagement.
Ans: c. Statement of what was cover in the engagement.
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Porter Corp. purchased its own par value stock on January 1, 2014 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 difference between the cost and sales price should be recorded as a deduction from
a. additional paid-in capital to the extent that previous net "gains" from sales of the same class of stock are included therein; otherwise, from retained earnings. b. additional paid-in capital without regard as to whether or not there have been previous net "gains" from sales of the same class of stock included therein. c. retained earnings. d. net income.
Which of the following is a lender in the primary mortgage market that would make a loan directly to a prospective borrower?
A. Mutual savings banks. B. Federal Housing Administration (FHA). C. Federal Home Loan Mortgage Corporation (FANNIE MAE). D. Government National Mortgage Association (GINNIE MAE).