2. What is the hindrance of operational audit in your

Q: hy is reporting to management at the interim stage of an audit is important?

A: Solution Concept               Audit is an independent examination of the financial statements of…

Q: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A:

Q: Delineate the protections that may be used to limit or eliminate risks to the independence of the…

A: When the internal and external auditors' work is not influenced by any party that has an interest in…

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: Distinguish between the general audit objectives and management assertions. Why are the general…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: Discuss how the process of obtaining IT audit evidence is inherently different than it is in a…

A:

Q: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

Q: _______________________________is a possible safeguard implemented by the client that might mitigate…

A: Answer: Concept: Audit Independence threat is the threat that are experienced by auditor during the…

Q: Discuss how the process of obtaining audit evidence in a CBIS is inherently different than in a…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

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: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: The purpose of ____________ is to help manage and control risk appropriately rather than to…

A: Internal accounting is the process of preparation of accounting for business transactions. Internal…

Q: ______________________is a possible safeguard implemented by the client that might mitigate an audit…

A: Audit: It is the examination of each and every financial transaction. so that auditor can make their…

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

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: When considering internal control, an auditor must be aware of the concept ofreasonable assurance,…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Briefly explain the threats to an external auditor’s independence with examples.

A: Auditor:Auditor can be defined as the individual who carry out the process of auditing in the…

Q: Explain the problems associated with lack of auditor independence.

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: 1) Which of the following statements is the most accurate?     a. Data analytics can be…

A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…

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 is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: internal audit function acts as a higher level of control to determine that the internal control…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: According to IAASB what are the functions of an internal audit?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is the difference between an external audit engagement and a Review Engagement, please explain.

A: External audit engagement and a Review Engagement will be explained:

Q: Audit evidence obtained through inquiry of management about proper segregation of custodianship and…

A: Solution Reliability of audit evidence The reliability of audit evidence shall be considered based…

Q: QUESTION 4 A. An internal auditor needs to be competent, capable and objective if their services are…

A: Internal Auditing The purpose of internal auditing is to offer value and enhance an organization's…

Q: Delineate the measures that may be employed to limit or remove risks to the independence of the…

A: Introduction: Independent auditors (internal and external) are subjected to an audit independence…

Q: Which type of service may not need an audit opinion or review conclusion from auditors? Select all…

A: An audit engagement is an arrangement between an auditor and client to perform an audit and express…

Q: Describe what is meant by an audit procedure. Why is it importantfor audit procedures to be…

A: Step1 The audit is the independent examination of the financial statements of the entity and whether…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards to…

Q: why is the Independence of the auditor the most important

A: An auditor is a person who is authorized to assess and verify the accuracy of financial papers, as…

Q: What is the major difference between auditing services and assurance services?

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: Name and describe the main tasks, duties or powers of the PCAOB

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: A. Explain Differences between Accountancy and Auditing

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: 1.Explain the importance of internal controls to auditors and management.

A: The formulation of internal controls is done by the management and the testing is done by auditors…

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Q: Do you believe the internal audit activity should be independent? Explain.

A:

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…