Briefly explain the threats to an external auditor’s independence with examples.

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

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Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

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: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: Distinguish between the general audit objectives and management assertions. Why are the general…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: The Responsibilities principle requires that auditors be responsiblefor having appropriate…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: What are the roles of internal and external auditors?

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

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

A: Internal audit involves assessment and evaluation of of effectiveness with which company is managing…

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: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

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

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

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

A: Voching is the  backbone  of auditing

Q: mention a few characteristics that are important for an auditor to have?

A: The audit is an independent examination of financial information of an entity whether…

Q: What should an auditor understand with respect to Information and Communication on an audit?

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

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: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

Q: Explain

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

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

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Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: Discuss Theories related to auditors independence

A: An auditor is a person or a firm authorized by the respective institutes to review the various…

Q: Why is it important for an auditor to carefully assess inherent risk on each audit engagement?

A: Definition: Inherent risk is the probability that material errors or frauds have entered the…

Q: What are the objectives of auditors in auditing data management?

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Q: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: What must an auditor understand with respect to internal auditors?

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Q: Requirement: Explain the implications of the above issues and your responsibility as an auditor.

A: Implications of the above issue:  GAAP is the generally accepted accounting principles i.e…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: From a conceptual standpoint, how do the requirements of Sarbanes–Oxley related to nonaudit services…

A: Sarbanes-Oxley Act: Sarbanes-Oxley Act was formed after the major accounting scandals to provide…

Q: Under what circumstances are external auditors likely to be involved in operational auditing? Can…

A: Introduction:- An operational audit is systematic review of effectiveness, efficiency of operation.…

Q: How has the Sarbanes–Oxley Act attempted to ensure that external auditors will be completely…

A:

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: Describe the key components of maintaining auditor independence.

A: Auditor independence: Auditor's independence means audit is conducted by the auditor in an unbiased…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards to…

Q: Discuss the theories to auditor independence

A: An auditor is someone who verifies the accuracy of a recorded transaction. The auditor must ensure…

Q: Aside from documenting his/her understanding of the internal control structure, the auditor should…

A: The auditor should  document  in his working papers The understanding  of entity  accounting  and…

Q: threats

A: Ans. An auditor has to follow certain ethical standards like objectivity, integrity,…

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: How can internal auditors achieve practical independence?

A:

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: 1.Explain the importance of internal controls to auditors and management.

A: The formulation of internal controls is done by the management and the testing is done by auditors…

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: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

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

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Q: Whare are the advantages of internal goverment audits?

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