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

Q: what each type of audit opinion means?

A: Audit - The audit is the independent examination of the financial aspects of the company. To obtain…

Q: What are the main reasons for an audit, and what actions result in an audit being conducted?

A: 1. Compliance with laws and regulations: Audits are conducted in order to ensure that an…

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 the primary duty of an auditor?

A: Primary duty of an auditor: Primary duty of an auditor is to express an opinion on the financial…

Q: What are the different types of auditors

A: Audit: It is an independent examination of the books of accounts of the company to ascertain the…

Q: What is the primary constraint on audit evidence?

A: Audit evidence is primarily, the data and accounts of the client and its associated third parties,…

Q: How must an auditor document understanding of Internal Control?

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

Q: What is the primary requirement for audit workpapers besides being written?

A: Audit work-papers are the outcome of the documentation process. These are the evidence and documents…

Q: What should an auditor understand with respect to Information and Communication on an audit?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: How does the quality of audit evidence vary depending on who has provided it?

A: Audit evidence is primarily the data and accounts of the client and its associated third parties,…

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: What is the general presumption for auditing Ending Balances?

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

Q: What should be included for the Auditor's address?

A: Auditor's address should be mentioned in the Auditor's report. The city and state where the auditor…