detail about audit strategy and audit plan along with their importance in audit and assurance assignments

Q: Describe the audits and auditors ingovernmental, internal, and operationalauditing.

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

Q: of transactions and account balances. Determining the audit strategy occurs during which phase of…

A: Answer : b. Planning stage  In planning stage the audit staff collates the background information…

Q: Audit planning is a vital area of the audit primarily conducted at the beginning of audit process to…

A: Audit engagement is defined as the arrangement formed between auditor and the client in order to…

Q: Explain the responsibilities of an auditor in relation to subsequent events.

A: Subsequent events   Events that occur after the date of financial statements and before the date of…

Q: stage of audit the audit program

A: Option a is wrong is wrong because during field work, auditing is done complying with the audit…

Q: ssify the information (1-10)according to the elements of an audit finding (criteria, condition,…

A: Solution Concept The elements of audit finding can be understood as Criteria The criteria for…

Q: Explain the audit objectives of existence or occurence, completeness, rights and obligations,…

A: objectives of Audit Audit means the audit of information system of an organization to check the…

Q: Once the overall audit strategy has been established, what can be developed to address the various…

A: Audit strategy is prepared by the auditor which helps in planning the audit. It includes the time…

Q: Discuss how important is the risk assessment stage in audit engagements? Explain what audit…

A: The risk assessment stage is very important in an audit, as it gives the auditor an idea on the risk…

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: Discuss audit planning.

A: An audit is a type of professional service provided to a customer. The evaluation of accounting,…

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

Q: An audit strategy memorandum containsa. Specifications of auditing standards relevant to the…

A:

Q: prostulates of auditing

A: An independent assessment of any organization's financial information is referred to as auditing.…

Q: Explain the purpose of an audit and describe the content of the audit report.

A: The purpose of audit refers is basically to provide examination of financial statements, increasing…

Q: = appropriateness of audit evidence

A: An audit evidence is said to be appropriate when it enables the auditor to express an unbiased and…

Q: An audit plan should include Audit criterial O Audit scope O Audit date and time O all the above.

A: The audit plan is the plan and guidelines to be followed when the team conducts the audit of the…

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: Where the auditor should summarize the overall audit strategy that contains the key decisions about…

A: Solution: - Where the auditor conduct an audit, At the time of conduct the audit auditor should…

Q: When and How internal audits are carried

A: An internal audit is a kind of audit which provides risk management and assesses the effectiveness…

Q: Direction: summarize each step of the risk-based audit process. • Establishing audit objective •…

A: The auditor's objective in a risk based audit is to obtain reasonable assurance that no misstatement…

Q: Understand the importance of planning the audit engagement so that it is conducted in accordance…

A:

Q: Define Auditors's report.

A: An auditor's report provides an opinion on the validity and reliability of a company’s financial…

Q: Choose the preliminary engagement activity of an auditor. O a. Establishing an understanding of the…

A: The auditor first understands the overall objectives of the auditor and then defines the terms of…

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: Explain the term ‘analytical procedures’ and outline the different types of analytical procedures…

A: Analytical procedures consist of ‘evaluations of financial information through analysis of plausible…

Q: Direction: summarize each step of the risk-based audit process. Testing of Controls Performing…

A: Risk-based auditing is a type of auditing that emphasizes risk analysis and management. The…

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: The auditor should consider audit risk when planning and performing an audit of financial…

A: Auditing is a safeguard measure adopted by every organization to ensure the correctness in the data…

Q: distinguish efficiency and effectiveness in operation audit performed by an internal auditor

A: Internal auditor is a person who provides audit services to the organization while working…

Q: Summarise current audit practices

A: The current audit practices are -

Q: benefits associated with properly aggregating audit.

A: Auditing is a process of collecting sufficient appropriate evidences so as to enable the auditor to…

Q: Distinguish between management’s and the auditor’s responsibility for the financial statements being…

A: The responsibility of the management is for making fair representations in the financial statements,…

Q: Audit planning is conducted at the beginning of the audit process to establish the overall audit…

A: The steps in audit planning are: Step 1. Planning by an auditor The auditor will review prior audits…