How could technology impact the audit space?

Q: Assertions with high inherent risk are least likely to involve  a. complex calculations b.…

A: Routine transactions doesn't have assertions with high inherent risk.

Q: What happens if a larger company uses multiple reports and multiple models/templates when the review…

A: When a larger company uses multiple reports and models/templates for review and reporting data,…

Q: ntity does not use plastic because it knows that its customer base is sensitive to pollution issues.…

A: There are many method to manage the risk and reduce the risk.

Q: riefly provide your opinion whether an auditors wishing to assess the adequacy of separation of…

A:

Q: Which of the following encompass many general best practices: Using as few worksheets and workbooks…

A: Using as few worksheets and workbooks as possible Grouping together inputs as well as calculated…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: If the system is behind schedule and if each pro- gram module is tested and no problems are found,…

A: Module: A module can be defined as the component of a program. A program comprises of one or more…

Q: 8. ______________ is a professional service with an aim of improving the quality and transparency of…

A: Solution: Assurance  is a professional service with an aim of improving the quality and transparency…

Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…

A: Internal data is internal to the company as the name suggests. It gives an insight on company's…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: Which of the following exists as an inherent risk even in the best designed systems     a.…

A: Internal controls are processes, policies, and procedures implemented by an organization to ensure…

Q: Which one of the following is NOT a limitation of internal control? Objectives of internal control…

A:

Q: What is the most important quality for accounting information as identified in the conceptual…

A: The quality of accounting information is a crucial aspect of financial reporting. The conceptual…

Q: Explain the normal process an auditor would expect to find in the client's systems. governing…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Management and auditor are concerned about inventory control function in automated system? Why? How…

A: Inventory control function in automated system :                   In automated system, inventory is…

Q: When using test data, why are audit teams required to prepare only one transaction to test each IT…

A: Audit test data is used to test the existence and effectiveness of controls built into an…

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: eXtensible Business Reporting Language (XBRL)

A: Option A is wrong because the statement is true. XBRL helps to reduce the manual work. Option B is…

Q: Which of the following would reduce the effectiveness of internal control in an…

A: Internal auditing is a mechanism for ensuring organizational performance and quality goals, a…

Q: Requirements 1. 2. Define internal control. The system of internal control must be tested by…

A: Define internal control: Internal control refers to the set of policies, procedures, and practices…

Q: Even with a high-end machine and sufficient data indexes, your company's database application cannot…

A: This question deals with Your company's database application cannot handle the transaction load,…

Q: Some of the limitations of management accounting are listed below: - Based on historical data - Lack…

A: Management Accounting involves effective analysis of accounting and production data and preparation…

Q: When can an audit of IT be performed without directly interacting with the system?

A: Auditing:   It is a systematic verification of the books of accounts of an organisation by an…

Q: 5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit…

A: Internal Control are policies and procedures used  by the management to make the efficient use of…

Q: Select one:

A: In this question, we have to find out from the given options which one is not the option of data…

Q: Discuss the implications of not having a data governance framework to support product analytics

A: Data governance is referred as the process of the management of the usability, integrity,…

Q: What tests may be conducted for identifying unauthorized program changes?

A:

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: When is the timing of substantive procedures most flexible? O detection risk is assessed as low O…

A: Substantive procedure refers to a process performed by the auditor in order to detect the material…

Q: Operational risks may result from breakdowns in ______ procedures, people and systems as opposed to…

A: Operational risks Operational risks are referred to as that risk that includes errors because of the…

Q: The four fundamental characteristics of blockchain ( decentralization, immutability,security, and…

A: The question is asking about the implications of the four fundamental characteristics of blockchain…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

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.