Define and describe auditsampling for exception rates

Q: When reviewing a current audit file, what should you look for?

A: A financial audit is a review of financial accounts to ensure they are accurate.

Q: What type of internal control would recalculating the totals on a computer report be?

A: Step 1:   The rules and procedures implemented by a company to ensure the integrity of the…

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

Q: Discuss the independence issue related to Generalized Audit Software

A: GAS stands for Generalized Audit Software, which is defined as the software created in order to…

Q: Explain the difference between an attribute and an exceptioncondition. State the exception condition…

A: Introduction: Auditing: The process through which the financial information reported in the…

Q: How long must audit workpapers be maintained?

A: Definition:   Audit planning: Audit planning includes the designing of audit strategy for the…

Q: Which of the following is a category of audit documentation? * Current file Permanent file O Audit…

A: Audit documentation: It is the record of procedure performed, relevant audit documents obtained and…

Q: State the relationship between the confirmation of accountsreceivable and the results of the tests…

A: Auditor performs these two test understand the efficiency of control systems, policies and…

Q: Explain the link between application controls and the audit goals for transaction-related audits.

A: Introduction: In the context of an application, application control is a check-in in which the…

Q: Distinguish between the different types of security orders and explain how a confirmation statement…

A: A confirmation statement refers to a document that consists of general information related to…

Q: What very important precautions must be taken during the data conversion procedures?

A:

Q: trail and identify a relevant audit procedure to test the control.

A: Audit trial is a method in which the details of the accounting transactions can be found out easily.

Q: Define what is meant by compliance auditing

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

Q: Mention two audit procedures relating to electronic data interchange controls

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

Q: Briefly describe record counts, batch totals, and hash totals. What types of errors in input…

A: Input controls: It is created to provide reasonable guarantee of received data for processing by the…

Q: ne independence and objectivity as it relates to internal audit functi

A: The internal audit function refers to the process of asses the internal functions of a company as…

Q: an introduction about the effect of artificial inteligence on audit

A: The on-site verification activity of a process or quality system, such as inspection or examination,…

Q: Differentiate Internal Audit from External Audit.

A: Auditing refers to checking books of documents with an intention to express a reasonable opinion on…

Q: Which of the following is a category of audit documentation? Current file Permanent file Audit…

A: Auditing involves an independent examination of an entity's financial information with a view to…

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: audit evidence

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

Q: Why might an auditor use a program flowchart?

A: Flowchart:   Flowchart is representation of procedures concerned with the transactions in the…

Q: Explain the importance of audit documentation please

A: Introduction:- Audit is to ensure that the companies financial statements are free from all material…

Q: What are the two types of standard audit reports?

A: Introduction: According the auditor's standard report, financial statements presents an entity's…

Q: Modified wording is added in the audit report when *

A: Introduction When the audit of particular concern or organization is completed then auditor may give…

Q: Describe the audit risk model and each of its components

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

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: Discuss the theories to auditor independence

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

Q: what are Audit Assumption

A: Answer: The audit that is conducted is such that there are assumptions made.

Q: Distinguish between auditing andaccounting.

A: The Difference between auditing and accounting are listed as follows:

Q: What is the difference between document examination and reperformance when conducting tests of…

A: Test of controls are performed to obtain evidence about whether controls that are candidates to be…

Q: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

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: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…

Q: Define generally accepted auditing standards (GAAS). What is the purpose of GAAS?

A: The explanation is provided as follows: