XPLAIN AND WHAT KIND OF INTERNAL CONTROL NEEDED BY AUDITOR OR AU

Q: Discuss the audit process. How does reliance on controls affect the audit process? Answer…

A: The audit is an independent examination of the financial statement of the entity to form an opinion.…

Q: What tasks do auditors perform during audit planning, and what techniques are used?

A:

Q: What are the roles of internal and external auditors?

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: What is the general objective of audit planning?

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

Q: How do Analytical Procedures assist the auditor?

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

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: Discuss what internal control is in audit and assurance in depth.

A: Internal Control is a set of policies, procedures, and processes designed by an organization to…

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: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

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: Can the work of internal auditors be used by external auditors?

A:

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

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

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Q: Why is internal control questionnaire important in internal control components in Auditing?

A: Internal control is a process which helps an organization achieve its objectives toward operational…

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: what does audit Evidence consist?

A:

Q: EXPLAIN AND WHAT KIND OF AUDIT EVIDENCE NEEDED BY AUDITOR OR AUDITING?

A: Auditing is the process of examining a company's financial records, systems, and processes to ensure…

Q: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

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: dit Review P

A: A pre-audit is  initial phase in  auditing process. A pre-audit examines a firm's or an individual's…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What does auditors examine?

A: Audit: Audit is the process of verification of the compliance of the financial statements.