Define what is meant by an audit trail and explain how it can beaffected by the client’s integration of IT.

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: How is audit strategy mapped out?

A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…

Q: What is the general objective of audit planning?

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

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: What is the audit team’s objective in obtaining an overall understanding of internal control in…

A: Auditing: The analytical process of evaluating and assessing the accounting information furnished…

Q: Discuss how the process of collecting audit evidence in a CBIS is fundamentally different from the…

A: Evidence gathered during the audit: Audit evidence is documentation in the form of receipts,…

Q: Discuss how the process of obtaining audit evidence in a CBIS is inherently different than in a…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: Ultimately, is the purpose of an audit trail to follow a transaction from its input through its…

A: Transaction Process System: Transaction process system can be defined as a system designed to…

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: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: What is an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented…

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: 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: What are some audit procedures that can be performed using CAATs?

A: Computer-Assisted Audit Techniques (CAAT's): The technique which assists an auditor to perform audit…

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: Explain what is meant by lapping and discuss how the auditorcan uncover it. Under what circumstances…

A:

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

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: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

Q: An audit process is a way of describing what it means to conduct an audit. Is there a reason why…

A: This question explains aboutan audit process is a way of describing  to conduct an audit.

Q: Define audit risk and describe how it can be broken down into the three separate components of the…

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

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: 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: 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 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: 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: Explain the relationships among audit services, attestation services,and assurance services, and…

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

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: Is it necessary to undertake an audit client's internal control evaluation?

A: This question explains about an audit client's internal control evaluation

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

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: Audit Client Acceptance Procedures

A: Audit Client Acceptance Procedures are certain procedures to be followed by the auditor before…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

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: essentially describe what materiality means in the context of the audit.

A: The most typical type of audit is a financial statement audit. A financial audit is an objective…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

Q: What are the primary reasons for conducting an evaluation of an audit client’s internal control?

A: An evaluation of internal control involves an examination of the effectiveness of associate…

Q: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…

Q: Help me understand the distinction between an external audit and a Review Engagement.

A: This question explains about the distinction between an external audit and a Review Engagement.

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…

Q: Performance auditing is oriented primarily toward * Past protection provided by existing external…

A: Auditing refers to inspection of a particular organisation or we can say company.It is mainly on…