Aside from documenting his/her understanding of the internal control structure, the auditor should also document the assessed level of control risk.  True or false? why?

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Discuss the audit process. How does reliance on controls affect the audit process? Answer…

A: The audit is an independent examination of the financial statement of the entity to form an opinion.…

Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: What is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

Q: Must the overall understanding of internal control always be followed by assessment and…

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: With respect to an audit, which of the following is not a risk assessment procedure?  Analytical…

A: Risk assessment procedureThe risk assessment procedure is one of the audit procedures which are…

Q: EXPLAIN AND WHAT KIND OF  RISK ASSESSMENTS   FACING BY AUDITOER OR AUDITING?

A: Risk assessment is a crucial part of the auditing process as it defines which procedures need to be…

Q: Which of the following is not one of the elements of a good system of internal control? a.Control…

A: Internal controls are the policies and procedure implemented by the organization to control day to…

Q: Determine the assessed levels of detection risk and inherent risk

A: Audit is defined as an investigation of some statements of figure involving examination of certain…

Q: auditor obtains sufficient understanding of the internal control structure

A: Auditing is done to verify whether the underlying financial statements show true and fair view of…

Q: When assessing the risk associated with an activity, an internal auditor should:   Provide…

A: Internal auditor is the professional that helps an entity in its financial and operational…

Q: Which of the following risks does the auditor least control? a. inherent risk b. control risk c.…

A: Definition: Auditing: Auditing is a process wherein the auditor investigates the financial…

Q: What is the role of internal audits in assessing the effectiveness of control procedures and…

A: Internal audits are independent and objective assessments conducted within an organization to…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: How is the audit risk model used to plan the audit?

A:

Q: What does an auditor's assessment of Detection Risk determine?

A: Detection risk is a component of audit risk. Detection risk is the possibility that a material…

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: Why is internal control questionnaire important in internal control components in Auditing?

A: Internal control is a process which helps an organization achieve its objectives toward operational…

Q: Discuss the auditor's risk assessment procedures for assessing control risk, and provide specific…

A: Risk assessment means to manage the risks related to the organization and taking corrective actions…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: XPLAIN AND WHAT KIND OF INTERNAL CONTROL NEEDED BY AUDITOR OR AU

A: Role of Auditor is very important in the accounting of the organization and basic duty is keep…

Q: In Auditing, which aspect is riskier, Completeness, or Existence?

A: Assertions in Auditing - Assertinos in Audit are the representations made by the members of…

Q: ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate…

A: Audit Risk- Audit risk is the possibility that an auditor will issue an incorrect opinion on…

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.