When an auditor is planning an audit, the auditor should:   Consider whether the extent of substantive procedures may be reduced based on the results of internal control questionnaire, Make preliminary judgments about materiality levels for audit purposes, Conclude whether changes in compliance with prescribed control procedures justifies reliance on them, Prepare a preliminary draft of the management representation letter

Q: Which of the following tests are considered further audit procedures that may be designed after…

A: Substantive test of details are considered further audit procedures that may be designed after…

Q: In performing a risk-based audit, when developing audit recommendations, the IT auditor should: a)…

A: A risk-based audit is one that priorities and assesses risks in order to identify the organisational…

Q: When testing IT controls, which of the following BEST (select one) describes the IT auditor's focus:…

A: IT controls audit is the process of evaluating an organization's IT controls to determine their…

Q: For auditors, the term materiality is important, both at the planning stage of the audit and at the…

A: Materiality is a concept in accounting refers to that all the material facts / items should be…

Q: During an audit, the internal auditor should consider the following factor(s) in determining the…

A: Audit procedures are the techniques, processes, and methods that auditors use to obtain reliable…

Q: With respect to an audit, which of the following is not a risk assessment procedure?  Analytical…

A: Risk assessment procedureThe risk assessment procedure is one of the audit procedures which are…

Q: The particular and specialized actions that auditors take to obtain evidence during a specific…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: auditor obtains sufficient understanding of the internal control structure

A: Auditing is done to verify whether the underlying financial statements show true and fair view of…

Q: To obtain an understanding of a continuing client in planning an audit, an auditor most liky would;…

A: To build an audit, the question centers on the most likely approach an auditor will use to…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: The objective of the question is to understand the interrelationship between the three components of…

Q: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: While planning an assurance engagement, the internal auditor obtains knowledge about the auditee’s…

A: Planning an assurance engagement refers to the process of developing a strategy for conducting an…

Q: Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The…

A: As per standards on auditing (SA) 520 “Analytical Procedures“, The term “analytical procedures” mean…

Q: Explain the circumstances when the auditor should revise the components of the audit risk model and…

A: The auditor should revise the parts of the audit risk model once the proof collected throughout the…

Q: n auditor in developing his overall plan for the expected scope and conduct of audit.

A: The audit plan lays out the strategy, audit procedure, and methodologies that will be used to…

Q: When gathering data, an audit team identified both subjective and objective criteria for measuring…

A: Audit risk is the risk that auditor may give inappropriate opinion when financial statements are…

Q: When a substantive audit strategy is adopted, an auditor will O determine internal controls are…

A: The question is related to Auditing and is of Substantive audit Strategy. Substantive audit Strategy…

Q: Critically Analyse the importance of quality management in auditing and assurance and recommend how…

A: Quality management is crucial in auditing and assurance to ensure that auditors perform their work…