Considering the competence of a firm should include consideration of whether the audit firm personnel has knowledge of relevant industries and has experience with relevant regulatory or reporting requirements.   True or False?

Q: Based on the Sarbanes Oxley act, what are some of the activities that an auditing firm cannot be…

A: The Sarbanes-Oxley Act (SOX) of 2002 was enacted to protect investors from fraudulent financial…

Q: subcontracted by the client, specifically in what corresponds to criteria of security, availability,…

A: A  SOC for Service Organizations reports are designed to help service organizations that provide…

Q: When would an auditor be hired to perform a compliance audit.

A: An independent professional who is responsible for the examination of the financial statements of an…

Q: Practice question:

A: ANSWER No, I disagree with the statement that ''Having competent technical talents and capabilities…

Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

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

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: How would you describe the Auditing Process to someone with experience in Auditing firm?

A: Audit can be defined as the verification, examination, and evaluation of the financial information…

Q: Which statement best describes how audit firms should apply the general standard in the SEC…

A: The correct statement is c. Firms should examine all services and relationships in light of the…

Q: Who must approve non-audit work performed by a firm for a client?

A:

Q: The Performance Principle in AICPA auditing standards requires the auditor to obtain a sufficient…

A: An auditor is a person who checks the financial statements of the company. An auditor checks the…

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: What possible actions would an auditor might take if a client’s financial statements depart from…

A: Introduction: A set of financial statements summarizes a company's monetary results, financial…

Q: In referencing professional standards, what factors should auditors consider in evaluating potential…

A: Going concern is an accounting concept that makes the assumption that business will be able to…

Q: Moral legitimacy refers to the generalized perception or assumption of observers that the actions of…

A: Explain how moral legitimacy might be applied to assess the actions of audit firms.

Q: 1. Why is audit firm culture important in ensuring that individual audit engagement partners resolve…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: o obtain an independent audit and what is the purpose of the Audit Report?

A: Introduction to Independent audit : An independent audit is an audit that is conducted for the…

Q: What is  the relationship between the external auditor and the organization. What steps have been…

A: An external auditor is the person or firm who verify the financial statements of the organization…

Q: Consider the concepts of sufficient and appropriate audit evidence. Assess how audit risk relates to…

A: It is responsibility of an auditor to express his opinion on Reliability of financial statements. An…

Q: Should external auditors provide advisory services to a client at the same time as providing…

A: External audit-It involves the process of examination of the business entity's financial records,…

Q: what are business risks associated with an entity that an auditor should consider when performing an…

A: answer   Business risks associated with an entity that an auditor should consider when performing an…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: How will you explain the Auditing Process to someone who has experience in Auditing firm?

A: Audit can be defined as the verification and evaluation of the financial statements that includes…

Q: Under what circumstances are external auditors likely to beinvolved in operational auditing? Give…

A: Operational Audit: An operational audit refers to the review of any aspect of the operating…

Q: What influences the materiality of the company being audited?

A: The audit relies heavily on the criterion of materiality. Auditors use it throughout the preparation…

Q: Assess the economic significance and limitations of audit work to business and investor interests,…

A: Ans. Their are various significance of auditing in a business. Though it comes with few limitations…

Q: Do audit teams normally need to refer the work of an expert in its audit report? Explain the…

A: Auditor's expert is an individual or organization which possess expertise in the field other than…

Q: Briefly describe the key requirements included in professional auditing standards regarding the…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…