Discuss the differences between the attest function and assurance services.

Q: (Audit) When we are looking for completeness how do we match them up?

A: Audit is the term which is used in accounts and it is defined as examination of the different books…

Q: Discuss how conceptual and physical systems differ and which functions are responsible for each of…

A: Accounting Information System: The accounting information system refers to a system which helps in…

Q: Along what two dimensions can we classifytrading procedures?

A: Trading procedures: It is the methods and available venues from where trading (Buying and selling of…

Q: describe tools and techniques used in fi nancial analysis, including their uses and limitations;

A: Financial analysis can be defined as the evaluation of the profitability, durability and feasibility…

Q: What are the steps to achieve conformance to specification?

A: Conformation to specification:   This refers to the regulatory requirements of an organization. The…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Test data, an integrated test facility, and parallel simulation are compared and contrasted.…

A: Introduction: Test data is data used solely for testing within computer programs, and it is…

Q: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: What are the relative merits and disadvantages of a current system survey?

A: System Survey: System survey is defined as the process of determining the elements of information of…

Q: Explain the purpose of IFRS for SMEs and how it differs from full IFRS.

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: Discuss the differences between the attest function and advisory services.

A: An attest service, or consulting service is an associate freelance review of a company's financial…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Describe the critical factor in evaluating whether a performanceobligation is satisfied.

A: Performance Obligation: Performance obligation means a promise to transfer goods or services.

Q: Explain the relationship of performance materiality, inherent risk, and control risk to planned…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: describe a spectrum for assessing fi nancial reporting quality;

A: A quality spectrum provides a basis for evaluating quality reports and ranges from reports that are…

Q: Differentiate between the techniques of vouching and verification.

A: The main objective of verification shows how assets and liabilities are valued properly. To…

Q: Describe recognition and measurement concepts.

A: Accounting concepts:   Accounting concepts are referred to the bask assumptions, principle and rules…

Q: Differentiate between fundamental and technical anomalies.

A: Market anomalies are exceptions to the hypothesis theory of market efficiency.

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

Q: Explain the purpose of substantive testing and give examples of the main types of substantive tests.

A: Substantive Testing: Meaning: It is an audit procedure that helps examine the supporting documents…

Q: Explain the concept of audit and its objectives

A: Audit means checking, examining and verifying the authenticity of financial information and…

Q: define the following relevance, reliability,comparability, verifiability and understandability

A: There are some qualitative characteristics which accounting information should possess while…

Q: Distinguish between ideal and practical standards.

A: There are 4 types of standards in accounting namely, 1. Ideal 2. Normal 3. Basic and 4. Practical…

Q: Define the term assurance.

A: Assurance: Assurance is a financial coverage that delivers payment for an occurrence that is sure to…

Q: When information about two different entities has been prepared and presented in a similar manner,…

A: Comparability The characteristics comparability of financial statements can be achieved by following…

Q: Explain relationship between the client’s performance measurement system and client’s inherent risk.

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Which of the following is not a dimension of designquality?A. CustomizationB. ServiceabilityC.…

A: The design quality is a technique that helps to serve as a strategic analysis. Its helps the…

Q: describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof…

A: The mechanism that discipline financial reporting quality includes the free market and incentives…

Q: Describe sensitivity analysis.

A: Sensitivity analysis refers to the budgeting tool used to evaluate the project based on the net…

Q: Answer of the following question related to these characteristics and constraints. When there is…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Difference Between Traceability and Controllability? Explain briefly in points.

A: Traceability and controllability are two concepts used in cost accounting. These are the forms of…

Q: Two potential pitfalls encountered in the design of performance indicators and measurement systems

A: Transfer price is the price quoted between the departments or companies that are related to each…

Q: Describe attestation and attestation engagement.

A: Attestation is the process of getting financial statements or accounting information attested or…

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 assurance and assurance services.

A: Assurance basically is a type of audit with the main intention of improving the transparency and…