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

A:

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: 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.