Discuss the objective of analytical procedures used in the overall review stage of the audit.

Q: Prior to the auditor conducting an audit there are stages which need to be followed. What are these…

A: There are many phases ,which go through many process to complete the work of Audit. After receiving…

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: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

Q: If an analytical procedure confirms audit findings from other procedures, it provides persuasive…

A: Solution concept                 analytical procedure means the procedure of comparing the…

Q: What are the overall categories of Auditing procedures, briefly explain them?

A: Auditing: Auditing refers to the careful analysis of accounting records of a company to ensure their…

Q: Identify the most important reasons for performing analytical procedures.  b) Describe the broad…

A: Analytical procedure is the procedure which is carried out by the auditors at the preliminary stage…

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: For auditors, the term materiality is important, both at the planning stage of the audit and at the…

A: Materiality is a concept in accounting refers to that all the material facts / items should be…

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

A:

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: What are the different types of analytical procedures? Describe how they may be utilized in an audit…

A: Analytical methods : Analytical processes are the techniques used by auditors to analyze the…

Q: The evaluation phase of the audit is referred to as ..................................? a. Entrance…

A: Audit refers to the inspection of financial records and statement of an organization. It is…

Q: Based on the information in scenario C, classify the information (1-8) according to the elements of…

A: Here given the details of elements of Auditing findings which are involved with the each and every…

Q: Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an…

A: The International Standard on Auditing 520 focuses on the analytical procedure used by the auditors…

Q: Explain what is included in the risk assessment section of the audit file and the purpose of each…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: What are the purposes of preliminary analytical procedures and how does it differ from the…

A: Lets understand the basics. Auditor is responsible for making a correct opinion regarding the…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit:- An audit is referred as the physical examination of books of accounts of particular company…

Q: termine both the relationship of risks in the planning of the audit and factors that influence those…

A: An audit is when an auditor examines or inspects various books of accounts, followed by a physical…

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: You have been asked by the audit manager to undertake preliminary analytical procedures. a)…

A: Analytical Procedures It is important for the Auditors include the analytical procedures in the…

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: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: What are analytical procedures? Describe how they can be used as substantive tests in an audit

A: Analytical procedures are the procedure used by auditor at planning and execution stage to analysis…

Q: what information do we need for analytical procedure in auditing?

A:

Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

A:

Q: Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet…

A: Audit definition -  The audit is an independent examination of financial information of an entity…

Q: The auditing assesses the reliability and sufficiency of the information through _____________ a.…

A: The auditing assesses the reliability and sufficiency of the information through _____________ .

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: Outline the sources of audit evidence the auditor can use as part of risk…

A: In an audit, the auditor should gather sufficient and appropriate audit evidence in order to…

Q: The first stage when an auditor considers the use of an expert is: a) assessing the objectivity of…

A: Expert - Expert is the person possessing expertise in the field other than Auditing and Accounting,…

Q: vidence is defined as any information used by the auditor to determine whether the quantitative…

A: The auditor checks the reliability and consistency of accounting information.

Q: n auditor in developing his overall plan for the expected scope and conduct of audit.

A: The audit plan lays out the strategy, audit procedure, and methodologies that will be used to…

Q: detail about audit strategy and audit plan along with their importance in audit and assurance…

A: Audit strategy refers to the combination of the audit approach which is to be used. Management of…

Q: Analytical procedures are required as a part of the:     Internal control assessment.     Detailed…

A: Analytical methods are a form of evidence that may be utilized in an audit. Analytical processes…

Q: Define the term "materiality" as it pertains to financial reporting. What is the difference between…

A: Financial Statement Materiality:- The effect of omissions and misstatements of information in the…

Q: Which of the following are NOT part of the planning stage of the audit? Preliminary materiality…

A: Audit is a process wherein the auditor examines or inspects various books of accounts, followed by a…

Q: The sufficiency and competency of evidential matter ultimately is based on the: Select one: a.…

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: Summarise current audit practices

A: The current audit practices are -

Q: "Other information" is a term that has been used in the audit opinion. An explanation is needed.

A: Introduction: Auditing is the process of evaluating the financial statements of a business entity in…

Q: The audit process is the sequence of different activities involved in an audit. Identify the phase…

A: Audit is a process of different steps to express the true and fair view opinion on financial…