Whare are the disadvantages of external goverment audits?

Q: What does the term is Audit risk mean?

A: Audit: It refers to the examination, analysis, evaluation, or review of the company's financial…

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: What are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

Q: What are the benefits of subtantive test of transactions in auditing?

A: A sort of audit method called a substantive test of transactions is used to assess the precision and…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

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

A:

Q: What are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

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: What does an auditor's assessment of Detection Risk determine?

A: Detection risk is a component of audit risk. Detection risk is the possibility that a material…

Q: What are the advantages and disadvantages of an adverse audit

A: Adverse audit refers that the opinion has been provided on the financial statements that: The…

Q: why is it important to identify weaknesses in key risk indicator's?

A: Risk is defined as future uncertainty, which is a probability event for the organization. Because…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: How does audit risk relate to audit evidence?

A: Audit Evidence   The information obtained by the auditor from numerous sources (finance records,…

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: What is information risk when it pertains to auditing?

A: Audit involves risk that the auditor expresses an inappropriate audit opinion when the financial…

Q: Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the…

A: SOLUTION- AUDIT EXPECTATION GAP- THE AUDIT EXPECTATION GAP OCCURS WHEN THERE IS A DIFFERENCE BETWEEN…

Q: What is the relationship between Evidence and Detection Risk?

A: Detection risk is the risk that an auditor will not find a material misstatement in a client's…

Q: In Auditing, which aspect is riskier, Completeness, or Existence?

A: Assertions in Auditing - Assertinos in Audit are the representations made by the members of…

Q: what are Audit Assumption

A: Answer: The audit that is conducted is such that there are assumptions made.

Q: What are the advantages and disadvantages of adverse audit Opinion

A: An adverse audit report is a major warning sign. An adverse audit report typically reveals egregious…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: What is an audit program

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

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…