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Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: STATEMENT I:  Management Review is the process of assessing the quality of Internal Control…

A: Internal controls by an independent auditor play a pivotal role in smooth functioning of the…

Q: Name two risk management models and how any of them can resolve an operational risk problem.

A: Risk management is that the process of recognising, analysing, and accepting or mitigating…

Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: Describe the importance of adequate internal controls.

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

Q: In the consideration of internal control, the operating effectiveness of controls is tested by:…

A: internal controls -    internal controls are the policies and procedures laid down by the management…

Q: 6. Input validation checks (application controls) are applied to every bill…

A: Management assertions are made by members of the management. In order to rely on these claims, the…

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: How discussing control with the apprpriate levels of personnel in internal control system?

A: To achieve the organisation’s goals & objectives the board of directors along with the top tier…

Q: Which of the following is an element of the Oa. Risk assessment plans Ob. Managements' operating…

A: The right answer is b Management's operating styles

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: Explain implementation and maintenance of adequate internal controls.

A: Internal Controls: Internal controls are the controls established within an organization to check…

Q: This method of documenting understanding of internal control structure is advantageous because it…

A: This method of documenting understanding of internal control structure is advantageous because it…

Q: Determine the similarities and differences between the detective and preventive internal controls…

A: Every company requires an effective internal control system to achieve its organizational goals.…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: Describe how the nature of evidence used to evaluate the control environment differs from the nature…

A: ANSWER:- For many control activities, documentation of their performance is more objectively…

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: Which option below accurately describes the process of continually assessing internal controls and…

A: Audit report:An audit report is a formal statement issued by an auditor after examining a company's…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: Describe how the nature of evidence used to evaluate the control environment differs from the nature…

A: The control environment is the set of standards, procedures, and processes that help ensure the…

Q: Differentiate between the audit strategy and the audit plan.

A: audit strategy refers to how the audit is conducted and it sets the scope, extent, and timing of the…

Q: Discuss what internal control is in audit and assurance in depth.

A: Internal Control is a set of policies, procedures, and processes designed by an organization to…

Q: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: What are some audit procedures that can be performed using CAATs?

A: Computer-Assisted Audit Techniques (CAAT's): The technique which assists an auditor to perform audit…

Q: When can an audit of IT be performed without directly interacting with the system?

A: Auditing:   It is a systematic verification of the books of accounts of an organisation by an…

Q: Subject: internal auditing - needs to perform control testing

A: Introduction: Auditors have a wide range of instruments at their disposal while doing an audit for a…