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 to Conducting a Quality Audit
- Explain the following: A: The significance of audit data analytics B: Audit standards and data analyticsarrow_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_forwardDefine and explain the following. Provide two references A: Audit data analytics B: Audit data analytics procedures.arrow_forward
- 18. 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_forwardBriefly explain the fundamental principles that an external auditor should follow with examples.arrow_forward
- Define 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_forwardExplain the following audit strategy document main sections: Scope Materiality Audit Strategies Timeframe Communication and Reportingarrow_forward
- The 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_forwardA tool used by auditors that serves as a cue to guiding audit planning around management’s assertions in various disclosures is known as: a. a GAAP Guide b. an audit planning meeting c. an audit program d. a disclosure checklistarrow_forwardAuditors identify and assess the risk of material misstatement at these two levels Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Financial Statement level and Information Process Goals level b Financial statement level and Operations Process Goals level c Information Process Goals level and Operations process goals level d Financial Statement Level and Relevant Assertion Levelarrow_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,