"it would be more cost-efficient if our internal auditors will performed all the audits. " WHAT IS THE IMPORTANCE OF HAVING INTERNAL, EXTERNAL AND GOVERNMENT AUDITORS REGARDLESS OF THE COST IT INCURRS?

Q: What makes the cost-benefit analysis more difficult for information systems than most other…

A: Cost Benefit Analysis: Cost benefit analysis is conducted to determine whether the proposed system…

Q: As IT auditors, it's critical that we establish a common "risk" language with management.…

A: IT auditors and management can communicate and make decisions more effectively when they have a…

Q: What is in the nature of work of an auditor that puts his or her safety at risk? Answer in your own…

A: Auditor is the person who checks the accounts and the financial statements which have to be verified…

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: Which of the following are common issues with benchmarking tool used by internal auditors?…

A: Benchmarking means analysing and comparing the performance of one (our) company with the other…

Q: external strategic management audit, industry analysis is better than environmental scanning.…

A: External strategic management audit refers to the detection and assessment of patterns and…

Q: ) Explain what an eth where individuals w project.

A: Ethical dilemma refers to the concept when an individual has faced with a dilemma to make the…

Q: In an attempt to reduce business costs, and given the current competitive business environment,…

A: Auditing is the process of examining financial statements, records, and other financial information…

Q: Why do you think audit firms are willing to accept high-risk clients?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: What sources of information can auditors use in connection with deciding whether to accept a new…

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

Q: In most audits of large entities, control risk assessment contributes to audit efficiency,…

A:

Q: Briefly review the sensitivity analysis that is presented in the case exhibits. Under what…

A: In order to figure out the attractivenes sof the project, we need to compare the decision parameter,…

Q: In your opinion, where should companies spend most of their quality funds: on prevention,…

A: Firstly we need to understand following Costs: Prevention costs: These are incurred in preventing…

Q: Larger firms should carefully consider their competence to take on an audit client in a specialized…

A: Competence is one of the important quality required for the auditor. He can conduct the audit only…

Q: Select one method an auditor can use to audit through the computer system. Explain how the method…

A: Auditing through a computerized system is done by many small, large companies. The auditor does the…

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

Q: What is the benefit of continuous auditing? (Select the BEST answer) a) Faster identification of…

A: Continuous auditing is a process used by auditors to conduct audits on a continuous basis rather…

Q: Some accountants argue that the receiving department should be eliminated. Discuss the objective of…

A:

Q: Explain why monitoring alone cannot completely eliminate the agency costs

A: The costs incurred as a result of conflict of interest between company and its stakeholders is known…

Q: Why do we consider risk assessment the foundation of the internal audit function?  To safeguard…

A: Risk assessment is the process of identifying, analyzing, and evaluating the potential risks and…

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: why we still need forensic accounting?

A: Introduction:   Forensic accounting is the support of finance professionals in resolving business…