In the situation you are an auditor who is task to do an audit engagement. Make an Audit Plan that has atleast 5 elements present. Set up your own problem/situation you wanted to audit.

Q: Identify three different diagnostic analytics that are used in an audit setting and describe how…

A: When used in the context of an audit, the term "diagnostic analytics" refers to the process of…

Q: two major responsibilities one needs to be in this career.

A: Financial Auditing means examination of financial Statements of the entity in order to provide true…

Q: audit risks at the planning stage? Give at least 7 o

A: Audit risk refers to the sense of risk factors or norms an auditor describes in his/her audit…

Q: Identify and then briefly explain the eight general audit procedures used to gather evidence.Next,…

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

Q: Enumerate at least 5 elements of a typical internal audit engagement report. Per element elaborate…

A: Internal audit is defined as the audit which determine the internal control of the company involving…

Q: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…

A: Audit engagement is defined as the arrangement formed between auditor and the client in order to…

Q: Depending on the severity of the audit issue, follow- Re-auditing the processes that originally led…

A: In an audit process, the following activities are involved: Planning  Fieldwork  Reporting or…

Q: Auditors need to identify audit risk in planning an audit engagement. In doing so, the audit risk…

A: Answer (a) – Audit Risk – Audit risk is a risk that the auditor may give inappropriate opinion when…

Q: The audit team is currently debating whether they should be using static or dynamic reports. Which…

A: Static and Dynamic Audit Report Static reports have a particular importance because they are based…

Q: 6 Question 2: Auditing I. Explain the terms: "Corporate failure" and "Audit failure". ( II. Auditors…

A: The process of formally reviewing and confirming a company's financial records is called an…

Q: Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a…

A: There are mainly 3 stages of audit: Planning an audit/ Determining scope and objective Conducting…

Q: key factor auditors deciding on the inherent risk. What Are the 3 Types of Audit Risk? There are…

A: Audit Risk The various risks that auditors could come across when conducting audits are often…

Q: After the financial statements are issued, auditors finish the substantive procedures. Identify the…

A: Introduction: Substantive processes must be carried out after the date of financial statements.

Q: Give me one good paragraph as to why the auditor as a good topic to write about.

A: The role of an auditor in the financial world is a topic of great significance and relevance.…

Q: Planning phase enables the auditor to obtain all the relevant background information to gain an…

A: The planning phase is the first phase of the audit process. It is the phase in which the objectives…

Q: What are the objectives of Audit Planning? 2. Explain SIX (6) planning procedures.

A: The term "audit planning" refers to the process of formulating a broad plan and a more specific…

Q: Describe FOUR matters that an auditor needs to keep in mind when considering how useful the…

A: According to para 4 of INTERNATIONAL STANDARD ON AUDITING 520, "Analytical procedures are the…

Q: List and discuss matters of planning thatauditors should consider related to theclient’s computer…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: In order of increasing level of rigour, auditors generally offer 4 types of assurance services. What…

A: Auditor:- He or she is a person appointed by the government to supervise and check each and every…

Q: The evaluation phase of the audit is referred to as ..................................? a. Entrance…

A: Audit refers to the inspection of financial records and statement of an organization. It is…

Q: The auditor use the analytical procedure at various stages of audit: 1. Evaluate the operating…

A: Auditing is performed so as to anlayze the financial statements of the business for their…

Q: Question 3 ( Audit planning is a vital area of the audit primarily conducted at the beginning of…

A: An auditor is appointed to check the accuracy of the financial statement.

Q: Define and explain auditing. What would you answer if asked by a communications major, “What…

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

Q: List five things that are required of an auditor by SSARS for acompilation.

A: SSARS (Statements on Standards for Accounting and Review Services) are the standards issued by the…

Q: written management representations, audit completion memorandum, The management letter after…

A: Audit is the term which is defined as the independent examination of the entity financial…

Q: Define, in your own words, what auditing is. Mention three (3) positive effects that companies…

A: Accounting is rhe process of recording and classifying accounting information so that useful…

Q: To obtain an understanding of a continuing client in planning an audit, an auditor most liky would;…

A: To build an audit, the question centers on the most likely approach an auditor will use to…

Q: Operational auditing has grown in importance over the last few decades.   a. Define operational…

A: Introduction: An operational audit is a process for analyzing a company's daily and larger operating…

Q: Defining what lapping is and how it might be discovered by an auditor is the first step. The auditor…

A: Lapping is a fraudster activity in which one persons money is recorded as payment received from…

Q: Think about the accounting courses you have taken to date. Assets, Liabilities, Stockholders Equity…

A: When appraising a company or assessing an investment opportunity, fundamental analysts usually start…

Q: After engaging Lakeside, your firm begins an analytic review. 1. Why do we begin an audit with an…

A: The audit firm would be responsible for conducting the audit engagement and performing the necessary…

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: Auditor's goal is to better assist their clients by learning about a client's internal control.

A: It is explained in this question that auditors attempt to understand a client's internal control to…

Q: The main objective of audit planning is to ensure appropriate attention is given to all areas of the…

A: Audit means checking and examining the accuracy and authenticity of financial statements by…