Audit Client Acceptance Procedures

Q: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

Q: The information used by auditor in arriving at conclusions on which auditor’s opinion is based is…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Discuss with examples, what are substantive audit procedures.

A: Substantive procedures are audit exams or methods by which products by an auditor to evaluate the…

Q: What are the contents of an audit plan?

A: Audit plan: It can be defined as the specified guideline to be followed by the auditor at the time…

Q: How would you describe the process of auditing to layman

A: Auditing is the process of checking and verifying books of account and financial statement of…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: What should an auditor do prior to accepting an audit engagement?

A:

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: What questions should be asked by an auditor prior to taking an engagement?

A:

Q: Explain an example of auditor’s report.

A: A written letter which contains the opinion of the financial statements of the company by an auditor…

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: Differentiate between the audit strategy and the audit plan.

A: audit strategy refers to how the audit is conducted and it sets the scope, extent, and timing of the…

Q: What is Stategic Audit and its elements? explain.

A: Large, heterogeneous corporations organize themselves into divisions to interrupt the management of…

Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?

A: The study and verification of a company's financial data is described by as audit in accounting. An…

Q: Describe what is generally contained in a service auditor report

A: For the audit of the service organization, the audit procedures performed by the auditors…

Q: Describe role and objectives of audit planning.

A: Audit planning Audit planning  start  at the initial stage  of audit process.

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

Q: Audit staff member who coordinates similar audit programs.

A: Audit Team: An audit team is a self-contained unit inside a company that assists the auditor in…

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: Discuss Theories related to auditors independence

A: An auditor is a person or a firm authorized by the respective institutes to review the various…

Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: An audit process is a way of describing what it means to conduct an audit. Is there a reason why…

A: This question explains aboutan audit process is a way of describing  to conduct an audit.

Q: When and How internal audits are carried

A: An internal audit is a kind of audit which provides risk management and assesses the effectiveness…

Q: What audit procedures can be used to verify officers’ compensation?

A: Audit procedures are those procedures or techniques which are followed through the auditors, in…

Q: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Differentiate Internal Audit from External Audit.

A: Auditing refers to checking books of documents with an intention to express a reasonable opinion on…

Q: Explain the difference between an external audit engagement and a Review Engagement.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: What type of assurance is given in a Review engagement?

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: Explain the concept of audit and its objectives

A: Audit means checking, examining and verifying the authenticity of financial information and…

Q: what does audit Evidence consist?

A:

Q: Describe what is meant by an audit procedure. Why is it importantfor audit procedures to be…

A: Step1 The audit is the independent examination of the financial statements of the entity and whether…

Q: Describe assurance services anddistinguish audit services fromother assurance and…

A: An assurance service implies an independent service which provides assistance in improving the…

Q: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

Q: What should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: what is audit going concern?

A: Going concern is an accounting term for a company that is financially stable enough to meet its…

Q: dit Review P

A: A pre-audit is  initial phase in  auditing process. A pre-audit examines a firm's or an individual's…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

Q: (Audit) Discuss the types of opinions.

A: Audit The purpose of conducting the Auditing in the organisation to know the actual financial…