What is the auditor’s role with respect to the fixed asset system?

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: Why is it important that auditors familiarize themselves with the acquisition and expenditure Cycle

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

Q: What is physical asset market?

A: Definition: The Market where tangible assets can be purchases, sold and liquidity in case of default…

Q: Internal auditors O a. are employees of the taxing authority who evaluate the internal controls of…

A: Internal Auditor : The Internal auditor is the employee of the company/entity, it means Internal…

Q: How integration of IT and Financial audit done and benefits derived?

A: Here discuss about the benefits which are associated with the financial Audit while integrate with…

Q: How do Analytical Procedures assist the auditor?

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

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 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: How can analytical procedures be performed in audit planning?

A: Analytical procedures:   Analytical procedure refers to a financial audit procedure that helps an…

Q: What are operational assets? Give example?

A: Operational assets: Operational assets are those assets acquired for use in the day to day…

Q: How should an auditor test for proper authorization in the expenditure cycle?

A:

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: How is the directional risk of investments applied in determining the appropriate audit procedures…

A: Answer: The directional risk of investment is the risk of overstatement of the investments.

Q: How do fixed asset systems differ from purchases systems?

A: Definition: Purchase system: The identification and procurement of the inventory needs for the…

Q: What are the objectives of auditors in auditing data management?

A:

Q: How does audit risk relate to audit evidence?

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

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: At which points in the revenue cycle are independent verification controls necessary?

A:

Q: what does audit Evidence consist?

A:

Q: What procedures are involved in the conduct of a turnaround program?

A: The term "turnaround management program" refers to the restructuring and renewal of a company. When…

Q: what are Audit Assumption

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

Q: audit risk

A: Audit risk is the risk that the auditor may gives an inappropriate audit opinion when the financial…

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: On 31 December 2020, a company has semi-finished inventory with a cost to date of OMR 63,500. It is…

A: Net realizable value is the net amount received from sales that is calculated by deducting the cost…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.