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

Q: What are examples of some of the independence requirements by the AICPA concerning external…

A: Independence ensures that auditors don't have any financial interest in the firms in which they are…

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: 1. Explain how an audit committee  could improve its effectiveness on internal auditor's control…

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

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

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: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: What are advantages of external public audit?

A: External audit relates to the examination of financial records in connection with the financial…

Q: What auditing services do governmental auditors provide?

A:

Q: What is the auditor’s responsibility for obtaining anunderstanding of internal control? How does…

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Q: Why is it important for the internal audit department to be functionally reporting to the audit…

A: Internal audit plays a vital role in companies, probably now more so than ever, with their diverse…

Q: Which of the following is not required by generally accepted auditing standards?a. Written…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: In what ways does the practice of internal auditing differ from the practice of public accounting?…

A: Internal audit is assessing the risk & fraud and compliance of Accounting standard, Law…

Q: What makes certain industries special in terms of audit? *Please do explain elaborately*

A: Specialized industries are more likely to have its own set of financial reporting standards, or to…

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: Advantages/disadvantages of internal and external audit of the public sector.

A: INTERNAL AUDIT   Internal audit means the evaluation of operations, records and procedure of an…

Q: the difference between the principles and application in auditing?

A: The answer for the theory question on the difference between the principles and application in…

Q: Which of the following statements is true of auditing?

A: Auditing is basically defined as the examination of the financial activities taken place and to…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: Why do you think independence in form and in substance is a requirement in external auditing?

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Whare are the disadvantages of internal goverment audits

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

Q: Auditors' opinions and reports serve what function

A: Definition \auditing: An auditor undertakes a comprehensive review of all pertinent data,…

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: The SEC requires the MD&A report as well as the audit attestation on management’s assessment of…

A: MD&A report means management discussion and analysis report. The MD&A report forms a part of…

Q: What are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

Q: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

A:

Q: What is  the relationship between the external auditor and the organization. What steps have been…

A: An external auditor is the person or firm who verify the financial statements of the organization…

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: What examples can be explained as the type of technical training and proficiency auditors must have…

A: The auditor must have adequate technical training and proficiency to perform the audit. the…

Q: What is an Audit Committee? How do they Operate and interact with the Auditors?

A: An audit committee is one of the major operating committees of a company's board of directors that…

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: Who is the professional bodies that responsible in fraud audit? Birefly explain.

A: Fraud in audits occurs when an entity is discovered to have improperly manipulated financial…

Q: What is internal control? Why is an auditor interested in a client’s internal control?

A: Internal Control: Internal controls are the mechaniisms, rules, and procedures legally by an…

Q: What are the advantages and disadvantages of a qualified audit opinion

A: Qualified Audit opinion :- Qualified Audit Opinion is the opinion of the Auditors on Financial…

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: Critically evaluate whether the manner in which the market for the supply of audit services is…

A: An audit is the study of an organization's financial report - as presented in the annual report - by…

Q: financial, compliance, operational audit and government audit. Include in your answer who performs…

A: An audit is a type of assurance service that involves accumulating and analyzing support for…

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: How does the role of the SEC differ from that of the AICPA? Contrast the roles of the AICPA and the…

A: The Securities and Exchange Commission's principal responsibility is to safeguard the interests of…

Q: Critically evaluate whether the manner in whic

A: An audit is the examination of an organization's financial statements - as provided in its annual…

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

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