hat are the benefits of the internal audit function establishing a risk-based plan when identifying the priorities of the internal audit activity?

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: How is audit strategy mapped out?

A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…

Q: For an audit, what should be considered when understanding a client and analyzing the risks?

A: Audit risk is the risk that an auditor may issue an unqualified report due to the auditor's failure…

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: What is the general objective of audit planning?

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

Q: EXPLAIN AND WHAT KIND OF  RISK ASSESSMENTS   FACING BY AUDITOER OR AUDITING?

A: Risk assessment is a crucial part of the auditing process as it defines which procedures need to be…

Q: Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the…

A: Auditing is described as a process in which the audit team or the individual auditor examines the…

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: When assessing the risk associated with an activity, an internal auditor should:   Provide…

A: Internal auditor is the professional that helps an entity in its financial and operational…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: What is the role of internal audits in assessing the effectiveness of control procedures and…

A: Internal audits are independent and objective assessments conducted within an organization to…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: How is the audit risk model used to plan the audit?

A:

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: Discuss how an audit committee would have to test the effectiveness of the risk management…

A: Risk management processes refer to the methods and procedures that a company follows to identify,…

Q: Discuss the auditor's risk assessment procedures for assessing control risk, and provide specific…

A: Risk assessment means to manage the risks related to the organization and taking corrective actions…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: In Auditing, which aspect is riskier, Completeness, or Existence?

A: Assertions in Auditing - Assertinos in Audit are the representations made by the members of…

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

A:

Q: What is the importance of strategic audit? and its scope.

A: Strategic audits help in making audits effective and efficient. It provides a basis for audit…

Q: Aside from documenting his/her understanding of the internal control structure, the auditor should…

A: The auditor should  document  in his working papers The understanding  of entity  accounting  and…

Q: ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate…

A: Audit Risk- Audit risk is the possibility that an auditor will issue an incorrect opinion on…

Q: How does evidence contribute to conducting a complete and ethical audi

A: Audit entails conducting an official inspection of a company’s books of accounts. The inspection and…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What are the primary reasons for conducting an evaluation of an audit client’s internal control?

A: An evaluation of internal control involves an examination of the effectiveness of associate…

Q: Whare are the advantages of internal goverment audits?

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

Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…

A: Financial risk refers to a variety of risks related with funding, such as financial transactions…