A. Explain all things have to be taken care for checks and vouchers in internal audit

Q: of transactions and account balances. Determining the audit strategy occurs during which phase of…

A: Answer : b. Planning stage  In planning stage the audit staff collates the background information…

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: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…

A: Audit engagement is defined as the arrangement formed between auditor and the client in order to…

Q: hoose the one correct answer. Which of the following audit approaches is most likely to provide an…

A: Solution : Which of the following audit approaches is most likely to provide an auditor the most…

Q: tests involved in obtaining evidential matter on item

A: Option a is wrong because test of control is an audit procedure to check whether internal control is…

Q: To test the operating effectiveness of a control, an audit team might use a combination ofeach of…

A: Internal control: It can be defined as a system that includes the policies, rules, and procedures…

Q: An audit plan is : a. The blueprint for conducting the audit and accomplishing the audit objectives.…

A: An audit plan is "The blueprint for conducting the audit and accomplishing the audit objectives."

Q: The auditor should summarize the overall audit strategy that contains the key decisions about the…

A:

Q: A tool used by auditors that serves as a cue to guiding audit planning  around management’s…

A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…

Q: What is (are) the purpose(s) of audit documentation?  Group of answer choices  Provide a…

A: Solution: The purpose(s) of audit documentation is:   1. Provide a reasonable assurance that the…

Q: Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an…

A: The International Standard on Auditing 520 focuses on the analytical procedure used by the auditors…

Q: determine if statement 1 and 2 are true or false 1 - The overall audit strategy sets the scope,…

A: 1 - The overall audit strategy sets the scope, timing, and direction of the audit, and guides the…

Q: Internal audit aims to conduct systematic scrutiny of records. Internal audit is described as…

A:

Q: For each of the procedures described in the table below, identify the audit procedure performed and…

A: Procedure Audit Procedure Audit Procedure Classification a. Requested responses directly from…

Q: When planning the audit of internal controls for an issuer, the audit team shoulda. Identify…

A: Internal control is a mechanism or procedure that the company implements so that the integrity of…

Q: The main objective of audit planning is to ensure appropriate attention is given to all areas of the…

A: Audit means checking and examining the accuracy and authenticity of financial statements by…

Q: Entity level controls are designed and placed in the operation once auditors determine that Select…

A: Entity levels controls are those internal controls which help in ensuring that the management…

Q: Why deos the auditor obtain an understanding of the clients business, enviroment and related risk of…

A: Obtaining an understanding of the client’s business is key to an effective and efficient audit.…

Q: Auditing standards require that a “brainstorming” session should be held at the beginning of each…

A:

Q: An audit program is usually prepared after establishing the audit strategy and developing the audit…

A: An audit program refers to the audit plan which is the plan that is documented with the procedures…

Q: To obtain an understanding of the relevant policies and procedures of internal control, the auditor…

A: INTERNAL CONTROLS ARE THE RISK MITIGATION STEPS TAKEN TO STRENGTHEN THE ORGANIZATION'S SYSTEMS AND…

Q: Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet…

A: Audit definition -  The audit is an independent examination of financial information of an entity…

Q: Reading BOD minutes of meeting by the internal auditors is an example of an audit procedures called:…

A: An auditor is a person appointed to check the accuracy of the financial statements of the company.

Q: (i) Differentiate between the audit strategy and the audit plan.

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

Q: Which two of the following statements regarding the use of analytical procedures of the audit are…

A: Analytical procedures are done by the auditor at the planning stage of audit to assess different…

Q: What task can the AR department engage in to verify that all customers’ checks have been…

A: Definition: Accounts receivable department: Accounts receivable department sends the business orders…

Q: Grounds for Dismissal. This case is designed like the ones in the chapter. Your assignment is to…

A:

Q: Explain the term ‘analytical procedures’ and outline the different types of analytical procedures…

A: Analytical procedures consist of ‘evaluations of financial information through analysis of plausible…

Q: The audit program is a list of procedures used to gather sufficient and appropriate audit evidence.…

A: Audit program:-   It is detailed plan of auditing work. It specify list of procedures used to gather…

Q: 1. Explain the concepts of materiality and audit risk and the relationship between them? 2.…

A: 1. Concepts of materiality and audit risk. 2. Audit strategy and audit plan 3. Analytical procedure

Q: Although the quantity, type, and content of audit documentation will vary with thecircumstances,…

A: Audit can be referred to as the procedure by which an auditor assesses the reliability of the…

Q: Which of the following is ordinarily performed last in the audit examination?a. Securing a signed…

A: Definition: Audit examination: Audit examination is an organized and independent work to examine…

Q: Salim is an auditor planning with engagement team members how to obtain an audit evidence. In this…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :  I S…

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has…

Q: Which of the following is a device designed to help the audit team obtain evidence about…

A: The auditor needs to identify and analyze the internal control for determining further audit…

Q: Audit procedures are takes performed by the internal auditors and the auditee to gather the evidence…

A: The given statement has some typing errors. The correct question is: Audit procedures are specific…

Q: An audit procedure that involves taking a sample of recorded transactions and obtaining original…

A: Audit procedures:   Audit procedures are the process of evaluating the quality of the financial…

Q: when auditing VAT payable account, what are the considerations that you need to remember and…

A: Auditing refers to the process of examining or inspecting the several books of accounts by an…

Q: When testing a control activity’s operating effectiveness, procedures the auditor performs totest…

A: The answer is provided as follows:

Q: Audit planning is conducted at the beginning of the audit process to establish the overall audit…

A: The steps in audit planning are: Step 1. Planning by an auditor The auditor will review prior audits…