(i) Differentiate between the audit strategy and the audit plan.

Q: The main objective of an audit is а. Maintaining books of accounts properly b. Presentation of true…

A: Audit is the process of checking, verifying and examining books of account and financial information…

Q: The essence of the audit function is to: Select one: a. Examine individual transactions so that…

A: Audit simply means to examine as to whether the financial statements of the entity are free from…

Q: Analytical procedures used in planning an audit should focus on identifying(1) material weaknesses…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: What is the primary objective of the fraud brainstorming session?a. Determine audit risk and…

A: Brainstorming Session:   The brainstorming sessions are the ones in which critical audit areas are…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Formal criteria used by auditors when carrying out audits of corporate financial reports are a…

Q: Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and…

A: Definition: Auditor: Auditor is an accounting professional hired by a company to review the…

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: plain the responsibilities of both management and auditors with regard to the prevention and…

A: 1. Following measure the Auditor’s responsibilities here:Obtain affordable assurance that the…

Q: Which of the following is the major purpose of performing analytical procedures in internal audits?…

A: Internal auditing is an independent, objective assurance and consulting activity designed to add…

Q: An auditor is required to obtain sufficient understanding of each component of an entity’s internal…

A: As part of the audit planning process, an auditor needs to obtain a sufficient understanding of the…

Q: What are the goals of a fraud audit for internal auditors? Explain briefly.

A: The Fraud Audit: There is a possibility of substantial misstatement with every audit form, but the…

Q: Explain the components and objectives of audit risk? How is audit risk involved in assessing the…

A: Audit Risk: This sort of risk occurs when the auditor gives an improper audit opinion because the…

Q: The primary purpose of accumulating sufficient and appropriate audit evidence is to Group of answer…

A: Sufficient and Appropriate Audit evidence Sufficient Audit evidence refers to Quantity of Audit…

Q: When auditing related party transactions, an auditor places primary emphasis on O A. B. C. D.…

A: Assessing and reducing the risks of significant misstatement resulting from transactions and…

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: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: An audit program is usually prepared after establishing the audit strategy and developing the audit…

A: An audit program refers to the audit plan which is the plan that is documented with the procedures…

Q: What are the objectives of audit risk assessment, and why is it important in assessing the…

A: Given: The objectives of audit risk assessments and the importance of its assessment.

Q: In auditing receivables, what are the audit objectives and how would you be performed to arrive at…

A: Auditing implies an exhaustive and formal review of your records. Auditors give extraordinary…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing   Answer: TRUE   Reason : Operational Check…

Q: The main object of an audit is a. Expression of expert opinion b. Detection and Prevention of fraud…

A: THE MAIN OBJECTIVE OF AN AUDITOR IS TO  EXAMINES THE BOOKS OF ACCOUNTS OF A COMPANY THROUGH WHICH…

Q: Select from the following the main object of an audit. a. Expression of expert opinion b. Detection…

A: Audit means checking and verifying the authenticity of financial statements by examining them. It…

Q: When planning the audit, the auditor should make inquiries of management in order to do the…

A: Inquiry is an audit procedure that is used extensively throughout the audit and often is…

Q: a. Define audit risk. b. Describe the components of audit risk (e.g., inherent risk, control risk,…

A: Define audit risk. Audit risk is the risk that the auditor will express an inappropriate opinion on…

Q: Tests of controls in a GAAS audit are required fora. Obtaining evidence about the financial…

A: Test of controls is the process of the audit to check the effectiveness of the controls by a client…

Q: Name and describe the main tasks, duties or powers of the PCAOB

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Audit procedures are takes performed by the internal auditors and the auditee to gather the evidence…

A: The given statement has some typing errors. The correct question is: Audit procedures are specific…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: Auditing is a safeguard measure adopted by every organization to ensure the correctness in the data…

Q: During its preparatory conversation concerning fraud risks, what factors should the audit team take…

A: Fraud risk refers to management's purposeful misrepresentation of financial accounts to earn…

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…

Q: Auditors perform analytical procedures in the planning stage of an audit for the purpose ofa.…

A: Auditing is a process of examining the financial statement and internal control of an organisation.…

Fraud

Fraud in accounting is the planned manipulation of financial documents to make a false appearance of corporate financial health. Moreover, it includes an employee, accountant, or the company itself misleading investors and shareholders.