benefits associated with properly aggregating audit.

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: Discuss with examples, what are substantive audit procedures.

A: Substantive procedures are audit exams or methods by which products by an auditor to evaluate the…

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: Discuss how the process of collecting IT audit evidence is fundamentally different from the method…

A: Introduction: In a financial audit, audit evidence is evidence gathered by auditors throughout the…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the…

A: Auditing is described as a process in which the audit team or the individual auditor examines the…

Q: developing and evalueting audit documentation

A: Audit documentation is the way of recording the audit plans, procedures and findings in a working…

Q: Differentiate between the audit strategy and the audit plan.

A: audit strategy refers to how the audit is conducted and it sets the scope, extent, and timing of the…

Q: What is vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?

A: The study and verification of a company's financial data is described by as audit in accounting. An…

Q: explain how concepts of audit risk and materiality are related. must an auditor make a decision on…

A: Auditing - The organized process of examination of the financial information and verification of the…

Q: need for independent audits

A: Independent Audit means independent examination of accounting books and records by practicing…

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: Examining the implications of expectation gaps in the context on audit and assurance on going…

A: Expectation gap: The users of the information provided in the financial statements would expect few…

Q: y issues that affect going concern and/or raise issues and explain the audit steps

A: The financial statements are prepared with an assumption that the entity is a going concern in…

Q: Define the term "materiality" in the context of audit reporting. What factors will influence the…

A: Introduction: 320 IAS When preparing and completing an audit, materiality refers to the omission or…

Q: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

Q: Discuss the difference categories of audit procedure and how they are being categorized

A: Audit procedures are those processes or policies which are used by auditors for checking and…

Q: Explain what is meant by the term acceptable audit risk. Whatis its relevance to evidence…

A: Accepted Audit Risk:- When the auditor is willing to take risk of giving an unqualified opinion for…

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

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: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: Explain the difference between an external audit engagement and a Review Engagement.

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

Q: audit evidence

A: Dear Student,  Indian Standard on auditing 500 deals with " Audit Evidence" .   as per this standard…

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: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: Explain the concept of audit and its objectives

A: Audit means checking, examining and verifying the authenticity of financial information and…

Q: Explain how PCAOB inspections can lead to improvements in audit engagement quality.

A:

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: 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 components of Audit Risk? Use the Audit risk equation and briefly explain the…

A: Audit risk means the risk that the auditor gives an inappropriate audit opinion  when the financial…

Q: Distinguish between internal documentation and external documentation as types of audit evidence.…

A: Internal documentation:   An internal documentation is prepared within an organization of the client…

Q: What should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: Discuss the objective of analytical procedures used in the overall review stage of the audit.

A: Analytical procedures are one of the two types of substantive audit procedures. They evaluate the…

Q: Describe the sources of audit evidence and levels of reliability.

A: Introduction: Audit evidence is data or information gathered by auditors to analyze a company's…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…

Q: Whare are the advantages of internal goverment audits?

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