Is it necessary to undertake an audit client's internal control evaluation?

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: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

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 the basic relationship between the effectiveness of the client’s internal control and the…

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Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

Q: ome limitations of internal controls?

A: Control Environment. The phrases "control environment" and "internal control environment" are…

Q: Must the overall understanding of internal control always be followed by assessment and…

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

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: For what reasons do auditors obtain an understanding of a client’s internal control?

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: What is the audit team’s objective in obtaining an overall understanding of internal control in…

A: Auditing: The analytical process of evaluating and assessing the accounting information furnished…

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: What are the three potential tools available to auditors for documenting their understanding of a…

A: The auditor checks the accuracy level in the financial reporting of one entity.

Q: What is meant by the control environment? What are the factors the auditor must evaluate to…

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

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: How must an auditor document understanding of Internal Control?

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

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: 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: Reasonable assurance that the objectives of internal control are achieved depends on the competence…

A: The question is related to Auditing. Resonable assurance means a high level of assurance regarding…

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

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Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

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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: Which of the following is NOT a task performed in the audit planning phase? a. reviewing an…

A: In audit planning phase, some tasks are performed: Reviewing an organization’s policies and…

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: What is meant by the control environment? What are the factorsthe auditor must evaluate to…

A: Control environment is an internal control environment . It ensures the overall attitude, awareness…

Q: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

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: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

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

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Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

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: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

Q: Which of the following audit techniques ordinarily would provide an auditor with the least assurance…

A: Test of controls -  Test of controls is the audit procedure that tests the effectiveness of the…

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: What is a service organization? Why would it engage an auditor to report on its controls?

A: A process under which a quality system is inspected, examined, and verified to make sure that it is…

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Q: Do you believe the internal audit activity should be independent? Explain.

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