When the CUER exceeds the TER, what courses of action areavailable to the auditor? Under what circumstances should each of these be followed?

Q: The tem

A: Audit engagement basically refers to the engagement of audit services that audit and audit’s clients…

Q: 2. In the element of audit findings, this refers to what the auditor discovered as a result of…

A: AN AUDIT FINDINGS CONSISTS OF AUDIT RESULTS AND CONCLUSIONS BASED ON APPROPRIATE ANALYSIS AND…

Q: If performance materiality increases, what impact would it have on the amount of evidence required…

A: Auditing is an important activity undertaken by almost every organization. It helps increase the…

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: 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: hat are the factors upon which reliable and relevant audit evidence depends o

A: Information that backs up and corroborates management's financial statement declarations or internal…

Q: What are the components of the risk of material misstatement (RMM)? What are the components of the…

A:

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: Why would an auditor use observation to gather evidence? What are the strengths and weaknesses of…

A: solution : Why would an auditor use observation to gather evidence? What are the strengths and…

Q: What is directional testing? How does directional testing relateto the appropriateness of audit…

A: Auditing means the process in which the books of the company are audited by a person. The person…

Q: What is the aim of the auditors' view and report

A: Definition  Auditing: Auditing is a systematic procedure in which the auditor reviews financial…

Q: the difference between the principles and application in auditing?

A: The answer for the theory question on the difference between the principles and application in…

Q: What is ‘modified wording’ in an audit report? What are the different types of modified wording and…

A: Introduction;- Modified opinions are the types of audit opinions that issue to entity’s financial…

Q: What responses should an auditor take based on different levels of acceptable detection risk (DR)?…

A: There are different ways an auditor responds to fraud risks that are assessed and it depends upon…

Q: Which of the following risks does the auditor least control? a. inherent risk b. control risk c.…

A: Definition: Auditing: Auditing is a process wherein the auditor investigates the financial…

Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?

A: The study and verification of a company's financial data is described by as audit in accounting. An…

Q: Define the audit risk model and explain each term in the model.Also describe which two factors of…

A: As follows, the audit risk model:

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: Whare are the disadvantages of external goverment audits?

A: Government Audits generally refer to audit of performance of the Government activities with respect…

Q: What is the audit risk? Explain the relationship between audit risk and materiality.

A: Audit risk is the risk that financial statements are materially incorrect, even though the audit…

Q: what are characteristics of the engagement (scope) in auditing?   Timing of reporting?…

A: The scope of an audit refers to the depth and breadth of the examination of the financial…

Q: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: state the effect on planned evidence (increase or decrease) of changing each of 'AN INCREASE IN…

A: Audit Risk Audit risk which describes as auditors furnish the inappropriate audit opinion whether…

Q: How are analytical procedures used near the end of the audit?

A:

Q: Examining the implications of expectation gaps in the context on audit and assurance on going…

A: Expectation gap: The users of the information provided in the financial statements would expect few…

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: Define a scope limitation and distinguish between client-imposed and circumstance-imposed scope…

A: An auditor is supposed to carry out his reporting obligations to the best of his ability, using the…

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 do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What are the advantages and disadvantages of an adverse audit

A: Adverse audit refers that the opinion has been provided on the financial statements that: The…

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: What are analytical procedures? Describe how they can be used as substantive tests in an audit

A: Analytical procedures are the procedure used by auditor at planning and execution stage to analysis…

Q: Why is it important for an auditor to carefully assess inherent risk on each audit engagement?

A: Definition: Inherent risk is the probability that material errors or frauds have entered the…