Auditor's goal is to better assist their clients by learning about a client's internal control.

Q: What is the biggest role or contribution that an accountant/auditor can do in ensuring that ethical…

A: Fraudulent Activities: Deception or other unethical tactics are used to acquire an unlawful benefit,…

Q: Internal control system is effective in managing risk, who is responsible to ensure the…

A: Internal control system in an organisation means ensuring the fulfilment of objectives of the…

Q: Outline from your own understanding the roles of the following people in audit department: a) The…

A: Following are the roles of stated people in audit department

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: When gaining an understanding of the client by speaking with the management of the client, the…

A: An auditor is a person who is appointed to check the accuracy of the financial statements prepared…

Q: For what reasons do auditors obtain an understanding of a client’s internal control?

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with a.…

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

Q: The test that involves inquiries and observation of client personnel and routines to determine how…

A: An audit test is a procedure designed from sample taken from a larger population. The idea is to…

Q: Why is it important for internal auditors to have a fundamental understanding of diverse business…

A: Introduction: An internal auditor is a corporate employee whose job is to verify the firm's…

Q: How must an auditor document understanding of Internal Control?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: The auditors' understanding established with a client should be established through a(an):  Select…

A: Auditor is person who verifies the truthfulness of financial statements and its accuracy. Whose…

Q: Critically appraise the Internal Audit function of the company. Add information about the internal…

A: Answer:-  Internal Audit meaning:- Internal audit helps in the assessment of the company's internal…

Q: Why is communication an important skill of an auditor?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: CPAs may audit around or through computers in the audit of the financial statements of clients who…

A: Auditing Around the Computer: It is an auditing approach that is used to test or check the…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

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: CPAs may audit around or through computers in the audit of the financial statements of clients who…

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

Q: Auditors are required on every engagement to obtain a representation letter from the client.   a.…

A: a. The letter of representation from the client is regarded as supporting audit evidence. They are…

Q: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

Q: Analyze what information the auditors are needed to provide to those in charge of the client's…

A: Introduction: All significant internal control deficiencies and material weaknesses must be…

Q: Identify information that auditors are required to communicate to individuals charged with…

A: AU 265 and AS 16 require auditors to communicate all significant internal control deficiencies and…

Q: Operating system security involves policies, procedures, and controls that determine who can access…

A: Test of controls refers to the audit process that test the control effectiveness used through the…

Q: In order to get a knowledge of a client's internal control system, auditors must first identify the…

A: Auditing is a process in which an auditor checks the financial statements and also the accounting…

Q: Can the work of internal auditors be used by external auditors?

A:

Q: As an internal audit explain how you applied it in your company?

A: In order to evaluate the true and fair financial position of the company, an internal auditor is…

Q: Auditors seek to understand a client's internal control in order to better serve their clients.

A: This question tells about Auditors seek to understand a client's internal control in order to better…

Q: Provide relevant examples explaining.

A: Auditing-:Auditing inventory is the procedure of cross-checking financial documents with physical…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: STATEMENT I :  Risk assessment process is understanding and analyzing the relevant risks to achieve…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing   Answer: TRUE   Reason : Operational Check…

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: A business wishes to establish sound internal controls. What rules and processes can you recommend…

A: This question explains about sound internal controls.

Q: Auditors are required to document their understanding of internal control. Procedure’s manuals,…

A: Internal Control System It is important for the Auditors to examine the process of the internal…

Q: Auditors get an awareness of a company's internal control systems for a variety of reasons

A: Auditor: The auditor is the one who is believed to be in charge of determining the integrity of the…

Q: Management and auditors are responsible for maintaining effective internal control system. True…

A: Introduction:- Management means:- Management is the process of planning and organizing activities of…

Q: What are four potential tools available to the auditor for documenting her understanding of an…

A:

Q: Auditors must consider these five components of COSO internal controls when understanding the client…

A: Segregation of duties is not component of COSO internal controls. however, Segregation of duties is…

Q: Organizations often rely on their in-house audit department to ensure that their internal controls…

A: Introduction: Auditing an organization's risk management, governance and internal control processes…

Q: How can internal auditors achieve practical independence?

A:

Q: what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.

A: Internal audit : Internal audit is defined as the audit which evaluates the internal controls of the…

Q: Explain why many people think of internal auditors as theprimary group responsible for conducting…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: explain why and auditor needs an understanding of the client's industry

A: A person who has the authority to examine financial documents, confirm their accuracy, and make sure…

Q: What is a service organization? Why would it engage an auditor to report on its controls?

A: A process under which a quality system is inspected, examined, and verified to make sure that it is…

Q: What is the auditor’s strategy for detecting

A: Answers: Auditor and the risk of fraud: Auditor always be skeptical while auditing the financial as…