s it necessary for an auditor to understand the client's internal control if the auditor does not plan to depend on it throughout the audit? Explain

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: Is it necessary for an auditor to get a knowledge of a client's internal controls if the auditor…

A: An auditor is required to express an opinion on the true and fair view of the state of affairs and…

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 difference between Error and Fraud (as defined in auditing) and how shall the auditor…

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

Q: What are some factors that complicate the post-audit process?

A: Capital projects are selected by using capital budgeting techniques. Post audit refers to evaluation…

Q: t an audito

A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: Give some instances of the dangers to the independence of an external auditor in your explanation.

A: This question deals with the dangers to the independence of an external auditor in your explanation:…

Q: When it comes to control systems and materiality, why could fraud examiners' views vary from those…

A: Misstatements and judgments are taken into account when determining materiality in the design and…

Q: When it comes to control systems and materiality, why may fraud examiners' perspectives be different…

A: Auditor : He is a firm employee tasked with conducting an audit, verifying all of the company's…

Q: Must all observations identified by an internal audit team during an assurance engagement be acted…

A: Internal auditing is an unbiased, impartial assurance and consultation process intended to enhance…

Q: Briefly explain the threats to an external auditor’s independence with examples.

A: Auditor:Auditor can be defined as the individual who carry out the process of auditing in the…

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

A:

Q: When would an auditor prefer to conduct a black-box audit? What about a white-box audit?

A: A black box audit is a type of security audit in which the auditor examines a system or application…

Q: How can an auditor reduce a client’s inherent risk?

A: Inherent risk is the risk of material misstatement assuming there are no related controls. Inherent…

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: Why do you think that inherent and control risk is responsible for the audited company(client) and…

A: Audit means checking, verifying and examining all the financial records and information to ensure…

Q: If an auditor does not intend to rely on internal controls in the audit, does the auditor need to…

A: Audit is the process of checking and verifying the authenticity of the financial statements of the…

Q: Which of the following does not accurately summarize auditors’ requirements regarding internal…

A:

Q: Why is professional skepticism important when completing an audit? Please explain.

A: The objective of this question is to understand the importance of professional skepticism in the…

Q: Should external auditors provide advisory services to a client at the same time as providing…

A: External audit-It involves the process of examination of the business entity's financial records,…

Q: What is internal control? Why is an auditor interested in a client’s internal control?

A: Internal Control: Internal controls are the mechaniisms, rules, and procedures legally by an…

Q: re internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

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: threats

A: Ans. An auditor has to follow certain ethical standards like objectivity, integrity,…

Q: Obtaining an understanding of the internal control structure is required for first time audit…

A: Internal control is an efficient system of control is established by the management in the conduct…

Q: What steps do you believe auditors should take if the client is not pleased with the type of audit…

A: Here discuss about the details of the Steps which are taken by the Auditors whether the Client are…

Q: Which of the following is not a function or benefit of a checklist? Providing evidence of audit…

A: In auditing, a checklist refers to a structured and systematic tool used by auditors to ensure that…

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets 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…