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a.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of AICPA as a standard-setter for auditors.
b.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of PCAOB as a standard-setter for auditors.
c.
Introduction: Auditing implies the examination of accounting records of the organization to decide whether the records are exactly according to the guidelines of accounting.
To describe: The significance of IAASB as a standard-setter for auditors.
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Chapter 5 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
- Explain the following: A: The significance of audit data analytics B: Audit standards and data analyticsarrow_forwardDirection: summarize the concept of the following audit considerations.1. Competence2. Laws and Regulations3. Reliance on Expertsarrow_forwardWhat are the two main categories of the Internal Audit Standards? a) Attribute and Performance b) Planning and Execution c) Internal and External d) Audits and Consultingarrow_forward
- Choose the documents which should be included in the audit documentation a. Summaries of significant matter O b. Issue memoranda O c. Audit program O d. All the optionsarrow_forward18. The steps in planning an audit includes obtaining an understanding of the entity and its environmentSelect one:TrueFalsearrow_forwardOExplain in your own words the meaning of the terms in the figure from Unit 3 below: Assurance, Internal audit, External audit and Statutory audit. External audit Internal audit Statutory audit Assurancearrow_forward
- Briefly explain the fundamental principles that an external auditor should follow with examples.arrow_forwardDefine Auditors's report.arrow_forwardDiscuss the types of internal controls and explain how each is important to the auditing process. Explain and give examples of the four main categories of COSO framework regarding management objectives. Please provide refences if there is any.arrow_forward
- Explain the following audit strategy document main sections: Scope Materiality Audit Strategies Timeframe Communication and Reportingarrow_forwardQ1- What is an audit? According to definition, what are the essential features of audit? Or Define auditing as per ISA 200. According to definition, what are the essential features of audit?arrow_forwardThe general objectives of international auditing standards a. Defining the responsibilities B. audit range C. Enhance the degree of scrutiny D.all of the above 9:45 AM ✓arrow_forward
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage LearningAuditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College PubAccounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
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