what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.

Q: What is operational auditing? How does the AICPA view operational auditing?

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Q: Auditors’ understanding of the internal control in an entity provides information fora. Determining…

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Q: Evaluate the value of the internal audit function to an organization's overall performance.

A: Introduction: The audit is defined as the evaluation and analysis of the financial statements and…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: The Responsibilities principle requires that auditors be responsiblefor having appropriate…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: Explain how an audit committee could improve its effectiveness on internal auditor's internal…

A: An audit committee is a board of directors committee that is in charge of overseeing the financial…

Q: Identify the type of evidence the auditor would gather in assessing the integrity of management?…

A: Auditor is the person who is responsible for auditing and verifying books of accounts and records of…

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: What does it mean the audit documentation should be self-explanatory? O a. It shall be sufficient to…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: How would you describe the Auditing Process to someone with experience in Auditing firm?

A: Audit can be defined as the verification, examination, and evaluation of the financial information…

Q: The Performance Principle in AICPA auditing standards requires the auditor to obtain a sufficient…

A: An auditor is a person who checks the financial statements of the company. An auditor checks the…

Q: Discuss how important is the risk assessment stage in audit engagements? Explain what audit…

A: The risk assessment stage is very important in an audit, as it gives the auditor an idea on the risk…

Q: Considering the competence of a firm should include consideration of whether the audit firm…

A: The auditor should have necessary competence to carry out the audit work of the client. If he has no…

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: Explain the concept and give real life examples of Audit Planning and Business Processes

A: Audit planning is the process wherein the auditor plans when to do the audit , how to do it and what…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: Analyze the many ways in which an audit committee might help the internal auditors do their job…

A: An audit committee receives all internal and external audit reports, a board of directors committee…

Q: What is considered the most important content of the auditor’s current audit documentation files?

A: The audit staff working on the engagement prepare an audit scheme according to the audit procedures…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…

A: Introduction: Independence in auditing refers to the auditor being independent from the business…

Q: Audit morality includes moral sensitivity, moral judgment, moral motivation, and moral character.…

A: Auditing morality or the ethical auditing is done to measure the company’s qualitative data, which…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: Audit staff member who coordinates similar audit programs.

A: Audit Team: An audit team is a self-contained unit inside a company that assists the auditor in…

Q: Briefly explain the fundamental principles that an external auditor should follow with examples.

A: The external auditor is a public accountant who conducts audits with full integrity, competence, and…

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: Can the work of internal auditors be used by external auditors?

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Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

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Q: An audit process is a way of describing what it means to conduct an audit. Is there a reason why…

A: This question explains aboutan audit process is a way of describing  to conduct an audit.

Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Answer:-  Internal audit meaning:- An organization's internal control includes corporate governance…

Q: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: Understand the importance of planning the audit engagement so that it is conducted in accordance…

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Q: y be more successful in its monitoring and assessment of internal controls by internal auditors.

A: Internal controls are policies  processes used by management to guarantee that  financial statements…

Q: Auditors are required to document their understanding of internal control. Procedure’s manuals,…

A: Internal Control System It is important for the Auditors to examine the process of the internal…

Q: Answer the below: What do you understand by attestation services? Discuss the responsibility and…

A: Attestation Services:-These are services when a certified Public Accountant (CPA) expresses his…

Q: Is it necessary to undertake an audit client's internal control evaluation?

A: This question explains about an audit client's internal control evaluation

Q: The audit plan is more detailed than the overall audit strategy in that it includes the nature,…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

Q: What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands…

A: Introduction: An external audit is a review undertaken by an outside accountant. This form of audit…

Q: How can internal auditors achieve practical independence?

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Q: distinguish efficiency and effectiveness in operation audit performed by an internal auditor

A: Internal auditor is a person who provides audit services to the organization while working…

Q: Explain why many people think of internal auditors as theprimary group responsible for conducting…

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

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…

Q: Briefly describe the key requirements included in professional auditing standards regarding the…

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

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Q: which element of the quality control does this procedure affect and what is the purpose of the…

A: Auditing:   Auditing is the thorough verification of the books of accounts of an organization to…