Explain in your own words the meaning of the terms in the figure from Unit 3 below: Assurance, Internal audit, External audit and Statutory audit. External audit Internal audit Statutory audit Assurance

Q: Describe the audits and auditors ingovernmental, internal, and operationalauditing.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: Auditing includes all of the following except: a. A systematic process. b. An objective obtaining…

A: Lets understand the basics. Auditing is a verification of books of account to give true and fair…

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: Direction:  summarize the concept of the following audit considerations. 1. Competence 2. Laws and…

A: Audit considerations are the factors to be considered by the auditor while conducting audit. This is…

Q: Differentiate among the FOUR (4) types of audit reports that may be issued

A: The auditor's opinion on whether a company's financial statements comply with GAAP and are free of…

Q: What type of audit is conducted to provide assurance about various aspects of an organization's…

A: An audit is a systematic and independent examination of an organization's financial records,…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: roles of internal auditors and external/independent auditor

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

Q: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

Q: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

Q: It is a primary environment of a company to engage in the audit process in an effective manner. This…

A: Independent auditor plan, reports as well as conduct the outcome of the audit under GAAS ( Generally…

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: The following are types of audits, except: Group of answer choices: Tax Compliance Audit Pro…

A: A process of analysis of financial information to assure its users about its completeness and…

Q: Which of the following statements is/are true with regard to Audit?   (A) Auditing is as old as…

A: An audit is an independent examination of financial information of an entity whether profit-oriented…

Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…

A: Audit documentation can be termed as keeping various records and procedures which was performed by…

Q: A tool used by auditors that serves as a cue to guiding audit planning  around management’s…

A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…

Q: The scope of an audit includes: a. Reliable Information b. Legal Requirements c. Entity Aspects d.…

A: The detailed examination of accounting statements of any entity by an independent auditor  is…

Q: models available to organisations for outsourcing internal audit ; Internal audit/ benefits of audit…

A: an audit provides many benefits to organizations, including improving financial statement…

Q: Explain the audit objectives of existence or occurence, completeness, rights and obligations,…

A: objectives of Audit Audit means the audit of information system of an organization to check the…

Q: Once the overall audit strategy has been established, what can be developed to address the various…

A: Audit strategy is prepared by the auditor which helps in planning the audit. It includes the time…

Q: Plastic Designs Ltd manufactures and sells plastic storage boxes and containers. The Board of…

A: Audit is basically involving the rechecking of all the company activities in order to verify whether…

Q: lassify information (1-5) according to its source (that is evidence obtained directly by the…

A: solution concept source and reliability of audit evidence                 The reliability of the…

Q: Name the record in which the auditor records the audit procedures performed, the relevant audit…

A: Auditing means checking the accuracy and reliability of financial statements. In the process of…

Q: The particular and specialized actions that auditors take to obtain evidence during a specific…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: Explain what is meant by the Single Audit Act. What is its purpose?

A: Single Audit Act refers to the auditing of organization's wide financial statement and federal…

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: The following are the three types of audits according to subject matter, except a. Financial…

A: Lets understand the basics. Auditing is a verification of books of account in order to conclude…

Q: Accounting How do the qualitative characteristics apply to accounting standard setting, standards’…

A: Answer:-  Accounting meaning:- The act of recording a business's financial transactions is generally…

Q: 1. Outline the roles and responsibilities of auditing standard setting bodies.

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: An audit plan should include Audit criterial O Audit scope O Audit date and time O all the above.

A: The audit plan is the plan and guidelines to be followed when the team conducts the audit of the…

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: describe the objective of audits of fi nancial statements, the types of audit reports, and…

A: The main objective of a financial report audit is to enable auditors to re-examine the financial…

Q: Identify the drivers of audit quality as specified by the Financial Reporting Council's Audit…

A: Audit Quality Driver: The Drivers of Audit Quality enable  audit firms to deliver quality audits…

Q: please answer question 2 briefly with audit examples and terms.

A: Audit is an examination of the financial statements of the business by the independent auditor to…