Explain why auditing is important in lowering the risk associated with information.

Q: Delineate the protections that may be used to limit or eliminate risks to the independence of the…

A: When the internal and external auditors' work is not influenced by any party that has an interest in…

Q: What is meant by data mining, and why must technical analysts be careful not to engage in it?

A: Data mining: Data mining is considered as a process utilized by corporations to turn raw data in to…

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: Why is the audit team more concerned with the risk of overreliance than with the risk of…

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

Q: Explain the threats to professional skepticism that might influence audit judgment.

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

Q: Discuss how the process of obtaining IT audit evidence is inherently different than it is in a…

A:

Q: What are some factors that complicate the post-audit process?

A: Capital projects are selected by using capital budgeting techniques. Post audit refers to evaluation…

Q: How does HanaTour use the data it collects from the audit to increase the security of its data?

A: HanaTour : It is the largest travel company in Korea. The main business of HanaTour is providing…

Q: _______________________________is a possible safeguard implemented by the client that might mitigate…

A: Answer: Concept: Audit Independence threat is the threat that are experienced by auditor during the…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: What is the primary constraint on audit evidence?

A: Audit evidence is primarily, the data and accounts of the client and its associated third parties,…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: Explain the connection between business risk and Audit risk model (inherent risk x control risk x…

A: Inherent risk is the risk which is present in the organization before applying any control. Audit…

Q: ______________________is a possible safeguard implemented by the client that might mitigate an audit…

A: Audit: It is the examination of each and every financial transaction. so that auditor can make their…

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: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

A:

Q: How can an auditor reduce a client’s inherent risk?

A: Inherent risk is the risk of material misstatement assuming there are no related controls. Inherent…

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 you measure risk in an audit engagement?

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

Q: Explain what is meant by the term acceptable audit risk. Whatis its relevance to evidence…

A: Accepted Audit Risk:- When the auditor is willing to take risk of giving an unqualified opinion for…

Q: Why is it important for an auditor to carefully assess inherent risk on each audit engagement?

A: Definition: Inherent risk is the probability that material errors or frauds have entered the…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

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: Define control risk and explain the role of control risk assessment in audit planning.

A: Three types of risks in auditing: Inherent Risk Control Risk Detection Risk Control Risk: It is…

Q: The combination of inherent risk and control risk refers to: Detection risk Audit risk Risk of…

A: The answer for above question is given below:

Q: How is Audit Risk calculated?

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

Q: What is lapping?  How can it be detected by an auditor and how can it be prevented?

A: Lapping is an accounting fraud where cash stolen or cash misappropriation is concealed by altering…

Q: New technologies are used. This is an example of: * O Audit risk O Control risk Inherent risk…

A: Audit Risk: Audit risk is the risk that financial statements are materially misstated and the…

Q: Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the…

A: SOLUTION- AUDIT EXPECTATION GAP- THE AUDIT EXPECTATION GAP OCCURS WHEN THERE IS A DIFFERENCE BETWEEN…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards to…

Q: Explain why auditors gather evidences?

A: Auditing is a process of examining the financial statements of the client. The auditor provides an…

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

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: Why is it necessary to evaluate the attributes of audit evidence? Explain

A: The information gathered by an auditor to determine the correctness and conformity of a…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: threats

A: Ans. An auditor has to follow certain ethical standards like objectivity, integrity,…

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: Explain how SOX has affected audit firms.

A: Basically, SOX was enacted to build confidence in the financial markets and tried to eliminate…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…