At which level or levels should the GAO's conceptual framework be applied? O Firm and engagement team only. O Firm and auditor only O Firm only O Firm, engagement team, and auditor

Q: Which of the following is a common monitoring control? Multiple Choice O audit committee inquiries…

A: Internal controls are the rules and procedures implemented by a company to ensure compliance with…

Q: Prudence was reintroduced in Conceptual framework 2018 as part of neutrality, one of the sub aspects…

A: An accounting concept known as "prudence" calls on the accountant to use caution while forming…

Q: GRI Reporting Framework disclose outcomes and results occurred within the reporting period EXCEPT…

A: GRI reporting framework is global reporting initiative which are independent standards at…

Q: CAE in a consulting engagement?

A: a. CAE must determine if the scope of the engagement is sufficient to achieve the desired objectives…

Q: What options are available to group auditors when component auditors are involved in theexamination…

A: Group Auditors: A team of auditors engaged in the audit of consolidated financial statement of an…

Q: In providing discretionary information, the focus should be on meeting regulatory requirements О…

A: The given statement is False.

Q: No. 2. What are the similarities and differences between external auditors and internal auditors

A: Auditors have very important roles to play in the accounting and auditors may be external or…

Q: roles of internal auditors and external/independent auditor

A: SOLUTION-   INTERNAL AUDITOR- IT IS A TRAINED PROFESSIONAL TASKED WITH PROVIDING INDEPENDENT AND…

Q: 15) In the e-government audit approach; the key indicators of the user level’s assessment are all of…

A: The internal control may be implemented in almost every area in which the risk of fraud and theft…

Q: IFRS is a Single set of high quality, globally accepted and enforced set of standards that require…

A: IFRS refers to International Financial Reporting standards which are the globally accepted…

Q: Which of the following is NOT one of the sub-components of the control environment? Management's…

A: Control environment : control environment sets the tone of an orgaanization, influencing the control…

Q: These are standards against which the assertions or representations are judged. They maybe specific…

A: Audit objectives :-  are the goals or purposes of an audit, outlining what the auditor aims to…

Q: Discuss the similarities and differences between the independent external auditors and internal…

A: Internal auditors and external auditors are both types of auditors, but they perform different types…

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization’s…

A: Answer: I. Internal auditors must understand the risk assessment process and the tools used to make…

Q: The standards are divided into attribute, performance and implementation guidance. Classify the…

A: The answer for the theory question on classification of attribute and performance standards is…

Q: Regulatory body main role is to oversight over the public interest activities from etting the…

A: There two basic authorities one is regulatory authorities and professional authorities and both have…

Q: Which of the following is NOT one of the AICPA Principles of Professional Conduct?

A: The AICPA (American Institute of Certified Public Accountants) Principles of Professional Conduct…

Q: Which of the following is not a scope of internal auditors? Efficient Use of Resources Services to…

A: The scope of internal audit means the range of activities and records which can be subjected to…

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: practices support the pillar of Transparency?

A: transparency, inspection, adaptation. Firstly let us understand about the transparency-…

Q: Discuss the importance of monitoring and reporting on the institution's compliance with its ALM…

A: Answer  Assets Liability Management(ALM) - is used for manage financial Risk as a result of mismatch…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: Which of the following is true of “professional judgement”?   A. It plays an especially important…

A: Professional Judgement - It is kind of behavior that requires you to make decisions, evaluation or…

Q: The auditor should review information provided by those charged with governance and management…

A: As per the related parties standard, The auditor should review information provided by those charged…

Q: The understanding with the client

A: A good auditor is one who maintains a good understanding of his clients. An auditor should keep his…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: Performance audits usually include [two answers]a. Financial audits.b. Economy and efficiency…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Which among the following is not a principle relating to control activities? a. Management designs…

A: Internal control procedures are those procedures which are implemented for the fulfilment of…

Q: What is the purpose of the IASB's conceptual framework? Explain thoroughly.

A: Introduction: The Conceptual Framework outlines the core financial reporting ideas that will guide…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: two (2) types of information that will assist the engagement partner

A: Audit engagement is the term entered into by the auditor to accept the audit of financial statements…

Q: The basic components of an organization's internal control are:                 Select one: a.…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

Q: Examples of assurance services include All of the following except......Select one:   a.…

A: Assurance services are independent professional services that improve the quality or context of both…