Assume that you are a senior on an audit engagement and need to explain to your intern/trainee what each of the risk assessment involves. In your own words and using some terminology that is understandable to an intern who has not yet taken an auditing course, describe the risk assessment procedures and the reason to perform these procedures. (Explore any two risk or procedure or assessment). • Write your answers ON A PAPER. • Specify question number clearly. • Scan and email the answers in one file.

Q: Question 9 To test the reasonableness of the turnaround time of the applicable business process…

A: An internal auditor (IA) seems to be a certified professional who works for a company to offer…

Q: 11) An auditor's engagement leter most likaly will include A Aroquest for pemission to contact the…

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

Q: Problem 12: Describe the stages of an audit from beginning to end. Detail all steps in a…

A: There are mainly 3 stages of audit: Planning an audit/ Determining scope and objective Conducting…

Q: 4. Reported internal audit observation emerge as a result of comparing “what should be” with “what…

A: Audit is the detailed process for checking and verifying books of accounts and financial statements…

Q: Each of the following steps should be performed prior to accepting an audit engagement except:

A: Explanation and answer is given below,

Q: 39. For risk enabled and risk managed organizations, the conclusion on risk maturity is the first…

A: Risks are the unfavourable situations and circumstances which can tend to loss for the organisation.…

Q: Star audit firm have started the annual audit of Carrefour Muscat. The auditors have a long meeting…

A: An audit may be defined as the critical examination of financial information of any entity or it can…

Q: Explain why ethical auditing is the regular comprehensive evaluation of the compliance of the firm’s…

A: An ethical audit is an inspection or assessment of processes or systems to guarantee compliance with…

Q: {Auditing} 30. During the course of gathering audit evidence, an auditor obtains them from both…

A: Audit Evidence: The information gathered by an auditor in order to determine the integrity,…

Q: You have been asked to prepare a presentation to new recruits in your audit firm on the use of…

A: An audit programme seems to be a checklist of the audit processes that an auditor should undertake…

Q: The steps in planning an audit includes obtaining an understanding of the entity and its environment…

A: Audit Planning Planning is an important part in conducting the Audit work in the organisation.…

Q: Identify 3 different factors that may have an impact on the risk of performing the audit (i.e.…

A: The auditor can obtain reasonable assurance about the misstatement in the financial statement, not…

Q: Match the following terms and descriptions. 1. Audit planning 2. Preventive Controls 3. System…

A: in the given solution of the question the correct match for all the term have been find out and it…

Q: Internal Auditors become trust advisors when they do the following EXCEPT Group of answer choices…

A: Internal Auditors become trust advisors when they do the following EXCEPT: Answer - None of the…

Q: John Josephs an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of…

A: Answer:-  A. Client Acceptance Pre Planning Establish materiality and assess risk Plan the audit…

Q: {Auditing} 7. Assume, Mr. Anwar is appointed as an auditor in Al-Noor Company. He intends to…

A: To understand the managers and owners of the company the auditor must Observe the processes that are…

Q: udit working papers are used to record the results of the auditor's evidence-gathering procedures.…

A: Solution: When preparing working papers, the auditor should remember that working papers should be…

Q: From the options given below identify the sources of audit evidence necessary to support the…

A: Auditing can be defined as the on-site inspection and examination of the process and quality system.…

Q: As a student of Auditing subject, you are expected to be fully aware of the different types of…

A: An auditor is a person who is responsible for auditing the financial statements of the company.…

Q: Assume, Mr. Anwar is appointed as an auditor in Al-Noor Company. He intends to understand the mind…

A: Auditor is a person responsible for auditing the report of the company. In order to perform the…

Q: An Independent Auditor is an outsider to an entity. He had to plan out his action seriously and…

A: The answer is Option (d.) [i.e, Preparing an audit plan] Refer step 2 for explanation

Q: Question 4 Chu newly joins Simon & Co, CPA as an audit junior and his senior told him that the…

A: Audit evidence means all supportings, documents that are used as proofs at the time of audit. For…

Q: 10. S1: The major beneficiary of an internal audit is the management.  S2: An auditor should design…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Why are internal controls important in an organization? Provide specific benefits.

A: Internal controls help a company function more effectively and efficiently by taking into account…

Q: 15. By checking what is achievable in audit the question "Does what we can do" is equal to A. What…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: PINALAYA NIYA CO. has an internal audit department consisting of a manager and three staff auditors.…

A: Internal Auditor: Internal auditors are employed by companies  and they are trained professional .…

Q: 7-Planning involves establishing the overall audit strategy and developing the audit plan. Identify…

A: Audit Planning Audit Planning is on of the important process while performing the Auditing work for…

Q: appropriate level of professional skepticism.Required:a. Define professional skepticism.b. During…

A:

Q: Terms of auditing and duties and responsibilities of auditors are discussed through a. Engagement…

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

Q: Professional Skepticism. An important principle for auditors is the need to maintain anappropriate…

A: A.

Q: Assume, Mr. A is appointed as an auditor of Jindal Steel to evaluate the internal control system by…

A: Introduction: Auditing: Auditing means examining the books of accounts , various processes…

Q: As the process of auditing is involves many stages as per ISA, the auditor after setting up a…

A: The final audit report is to be submitted to Owners i.e  Board of directors in Annual General…

Q: In the situation you are an auditor who is task to do an audit engagement. Make an Audit Plan that…

A: Meaning of Audit Plan : Audit planning is defined as the process in which the strategy is designed…

Q: An internal auditor is conducting an evaluation of significant risks that could keep the…

A: Internal auditors are the trained professional which are employed through firm for providing the…

Q: An auditor has to determine both the reliability and the relevance of potential audit evidence in…

A: Audit evidence refers to the documents and information that an auditor uses while arriving at the…

Q: STATEMENT 1: Since the partner has the ultimate responsibility in an audit engagement, his/her…

A: Audit engagement is the agreement or association between a client and an auditor, where auditor has…

Q: Four friends who are auditing students have a discussion. Evans says that the primary responsibility…

A: Engagement Performance - The firm should establish policies and procedures formulated to provide it…

Q: What may be the possible purpose of using oral explanation in the audit documentation? O a. To…

A: Audit documentation: The records containing all the auditor's procedures, evidence obtained by the…

Q: What are key audit matters? How do these affect the format of the audit report? maximum 200 words)b)…

A:

Q: 7-36 (OBJECTIVES 7-7, 7-8) You are the in-charge auditor on the audit of Vandervoort Company and are…

A: Auditing is the verification of accuracy and correctness of books of accounts by independent persons…

Q: Permanent files serve as handy reference source for new staff members in acquainting themselves with…

A: Correct answer is True

Q: Question 8 Rule 201, General Standards, requires a member to comply with standards and…

A: 8) Correct option is 'Independence'   Reason :- As per Rule 201, member need to comply with the…

Q: When selecting staff for the audit engagement * Only staff members who are CPAS should be assigned…

A: Audit;- An audit is defined as physical examination of books of accounts of particular company by an…

Q: Documentation 24. The auditor shall document: (a) Issues identified with respect to compliance with…

A: Auditing is an important activity that is undertaken by all the business organizations in the…

Q: Prepare an Audit engagement letter for your fictional client.

A: Audit Engagement Letter To, The Board of Directors of ABC Ltd, No.23, JPR Street, Chennai - 33 Dear…

Q: 21)An audit engagement letter A.May not be prepared each period for a recurring audit engagement…

A: Answer: Solution Note : As per the Q&A guideline we are required to answer the first question…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.