Define the management assertions of existence or occurrence, completeness, rights and obligations, valuation or allocation, and presentation and disclosure.

Q: GRI Reporting Framework disclose outcomes and results occurred within the reporting period EXCEPT…

A: GRI reporting framework is global reporting initiative which are independent standards at…

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor  report…

Q: Which method you would advise the management to use and why?

A: Inventory refers to finished goods ready for sale or the goods which are used in production process.…

Q: Explain principal (agency relationships)

A: Answer: Agent: An agent is one who provides work on principal’s behalf.  Principal approves agent to…

Q: Define agency relationship

A: Agency relationship is the part of business law where it is a legal relationship between the two…

Q: In the ________ phase of BPI, the BPI team documents the existing "as is" process activities,…

A: Answer -  Phases of BPI are as follows : i. Phase 1 - Define, ii. Phase 2 - Measure, iii. Phase 3 -…

Q: relationship between application controls and transaction-related audit o

A: Application control is a check on the application in which the wrong execution of data input is…

Q: With which one of the five categories of management assertions is the classification…

A: With which one of the five categories of management assertions is the classification…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: Define emphasis-of-matter and other-matter paragraphs. What type of information do auditorsprovide…

A: Emphasis-of-matter: This is a type of paragraph in an auditor's report on the financial statement.…

Q: How to execute stewardship as an audit commitee chair

A: Stewardship is the job role of supervision of an organization by the chairperson of such…

Q: Explain the specific responsibilities of the management that are to be included in the auditor’s…

A: Management is one who prepares the financial statements that are, the cash flow statement, the…

Q: grity of information. policies, plans, procedures, law ssets. efficiency of onerations

A: Segregation of duties is an internal control measure. It refers to the division of duties among more…

Q: Describe what is generally contained in a service auditor report

A: For the audit of the service organization, the audit procedures performed by the auditors…

Q: Describe role and objectives of audit planning.

A: Audit planning Audit planning  start  at the initial stage  of audit process.

Q: Define group auditors and component auditors.

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

Q: That event of management's desired objectives is an example of:

A: Efficiency: Efficiency is the ability to accomplish the result with the usage of the least amount of…

Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…

A: Introduction: Independence in auditing refers to the auditor being independent from the business…

Q: Explain Post-Audit Tasks

A: Post audit: A combination of procedures for assessing a capital budgeting decision afterward the…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: What is the purpose of an audit strategy memorandum? What information should it contain?

A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…

Q: Describe disclosures related to management’s discussion and analysis, responsibilities, and…

A:

Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…

A: Segmental information: Segmental information is the way of providing the overall information about…

Q: How do Input controls affect management's assertions with respect to the financial statements?

A: Management assertions seem to be statements made by management personnel about certain features of a…

Q: Discuss the difference between the Management Letter and the Legal Representation Letter

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: How are management’s actions incorporated in EVA and MVA? How are EVA and MVAinterconnected?

A: Economic added value (EVA) is a measured cash-deductible reduction of capital costs of a firm's…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: Define technical analysts

A: Technical analysis refers to analysis that is conducted for analyzing the various types of…

Q: Describe three criteria you would use to evaluate whether a management control system is effective

A: Management control system:

Q: Subsequent events – meaning, types, and auditors responsibility on treating each type?

A: An independent auditor's report is generally issued which is connected to historical financial…

Q: Distinguish between responsibility, authority, and accountability.

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

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: List the revenue cycle audit objectives derived from the “existence or occurrence” management…

A: Assertion: management asserts that the information provided by them is complete , exist , correctly…

Q: WHAT ARE SOME EXAMPLES OF POLICY CREDITS AND ADMINISTRATIVE GUIDANCE

A: Policy credits: The credit limit portion specifies the maximum amount of credit that consumers will…

Q: Distinguish the role of internal and external auditor

A:

Q: Describe the role and responsibilities of auditor.

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

Q: Distinguish between managerial and financial accounting on

A: Basis Financial Accounting Managerial Accounting User and decision maker Outsiders like investors,…

Q: Distinguish between organisational types. Identify their key stakeholders and evaluate their need…

A: An organizational structure is that outline system where certain activities are directed in that…

Q: process and steps involve in internal execution

A: Internal auditing is a process in which the internal controls and accounting processes are checked…