Select one method an auditor can use to audit through the computer system. Explain how the method works, any risks associated with the method, and how you would justify using the method from a cost-benefit perspective.

Q: Explain how decisions about when and how much substantive testing is performed relate to the overall…

A: The substantive testing is a method used by the audit staff to gather evidence about the…

Q: For an audit, what should be considered when understanding a client and analyzing the risks?

A: Audit risk is the risk that an auditor may issue an unqualified report due to the auditor's failure…

Q: Discuss the differences between a first-party, second-party, and third-party audit.

A: The first-party audit is also known as internal audits. This is performed by internal audit…

Q: Discuss the relationship between quality control and generally accepted auditing standards.

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

Q: Consider the “control environment.” Asses why it is important for auditors to understand a client’s…

A: A control environment, also called "Internal control environment", is a term of financial audit,…

Q: ider “control environment.” Why it is important for auditors to understand a client’s control…

A: A controlled environment refers to the term "Internal control environment" which implies that the…

Q: Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the…

A: Auditing is described as a process in which the audit team or the individual auditor examines the…

Q: What responses should an auditor take based on different levels of acceptable detection risk (DR)?…

A: There are different ways an auditor responds to fraud risks that are assessed and it depends upon…

Q: When assessing the risk associated with an activity, an internal auditor should:   Provide…

A: Internal auditor is the professional that helps an entity in its financial and operational…

Q: Outline the advantages of utilizing audit software in an audit of    Discuss the potential…

A: Answer:- Auditing:- Auditing is basically the independent verification or examination of the…

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: How to auditor detect kiting

A: Kiting is one the activities which is done by businesses so that the position can be shown…

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…