What are two operational reports produced by the FRS that provide proof to the accuracy of the process?

Q: What’s in an audit?

A: Audit definition -  Audit is an independent examination of financial information of an entity…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

Q: What procedures do auditors perform to identify subsequent events?

A: Subsequent Event: Subsequent events refer to those events that take place after the preparation of…

Q: stage of audit the audit program

A: Option a is wrong is wrong because during field work, auditing is done complying with the audit…

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: What are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

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: Discuss how the process of obtaining audit evidence in a CBIS is inherently different than in a…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: What are the components of audit risk and how do these relate to each other?

A: Audit risk refers to the possibility that financial statements are significantly incorrect, even if…

Q: Substantive procedures consist of substantive analytical procedures and test of details. *

A: There are two types of substantive procedures -

Q: Explain the function of standards andmeasurements in economy, efficiency, andprogram results audits.

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: What are the audit procedures for subsequent events and give examples

A: Subsequent event is defined as the occasion which occurred after the reporting duration but before…

Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

A:

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

Q: What is the cycle approach to auditing and what are the advantages of dividing the audit into…

A: Answer:-  Cycle approach to auditing:- An audit cycle approach can be defined as the accounting…

Q: What is the focus of Analytical Procedures?

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

Q: Explain substantive tests of transactions and the meaning of this term?  How does it apply to…

A: The correctness and completeness of financial transactions that take place within a corporation are…

Q: how many types of Audit Evide

A: Answer: Audit evidences are the set of documents or supporting that are collated to justify the…

Q: What is the internal auditor’s primary role in the conceptual design of the system?

A: Conceptual Design:   Conceptual design is that structure which provides various conceptual system…

Q: What section of the IAASB are the functions of an external audit located?

A: The general meaning of the term external audit can be understood to any audit which is performed by…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

A:

Q: the context of auditing, what does "tracking" actually

A: In the auditing the audit trails is said to be the process that involved tracking data and verifying…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: why each audit evidence is important?

A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…

Q: An analysis of systems serves what purpose? What kind of information should be included in the…

A: The answer

Q: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…