Explain how SOX has affected audit firms.

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: How has the new internal controls placed by auditors effected Sox

A: Answer:-  Internal control meaning:- Internal controls are a company's processes, regulations and…

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: Discuss how the process of collecting IT audit evidence is fundamentally different from the method…

A: Introduction: In a financial audit, audit evidence is evidence gathered by auditors throughout the…

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: What are some advantages of using IT and audit software when conducting an audit?

A: The audit can be defined as the independent examination of internal control, accounting records, and…

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

A:

Q: What makes certain industries special in terms of audit? *Please do explain elaborately*

A: Specialized industries are more likely to have its own set of financial reporting standards, or to…

Q: _______________________________is a possible safeguard implemented by the client that might mitigate…

A: Answer: Concept: Audit Independence threat is the threat that are experienced by auditor during the…

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: What is vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

Q: Consider “segregation of duties.” Why it is important in an IT environment. What are some advantages…

A: segregation of duties means that no single person should be solely accountable for certain business…

Q: ______________________is a possible safeguard implemented by the client that might mitigate an audit…

A: Audit: It is the examination of each and every financial transaction. so that auditor can make their…

Q: A public accounting firm's audit documentation review has what advantages?

A: Introduction: Audit documentation encompasses all forms of documents or records created by auditors,…

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: 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: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

Q: What are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

Q: What is  the relationship between the external auditor and the organization. What steps have been…

A: An external auditor is the person or firm who verify the financial statements of the organization…

Q: Discuss Theories related to auditors independence

A: An auditor is a person or a firm authorized by the respective institutes to review the various…

Q: Auditor ethics face a variety of challenges.

A: This question explains about an auditor ethics face a variety of challenges.

Q: What are the objectives of auditors in auditing data management?

A:

Q: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: How will you explain the Auditing Process to someone who has experience in Auditing firm?

A: Audit can be defined as the verification and evaluation of the financial statements that includes…

Q: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: What are the audit considerations for specialized industries?   *Please do explain elaborately*

A: The management of the company is the main responsible for preparing the financial statements which…

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: Compare and discuss the impact of the business environment on the internal audit risk assessment

A: The process of risk assessment helps in identifying and analyzing risks so that the objectives of…

Q: Do you know what the auditor's current audit documentation files contain?

A: This question dells with  the auditor's current audit documentation files contain

Q: What is business risk? and How does it affect audit risk?

A: Business Risk: Business risks are elements which have an adverse effect on the performance and…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: What are the advantages and disadvantages of a qualified audit opinion

A: Qualified Audit opinion :- Qualified Audit Opinion is the opinion of the Auditors on Financial…

Q: Discuss the theories to auditor independence

A: An auditor is someone who verifies the accuracy of a recorded transaction. The auditor must ensure…

Q: Explain why auditors gather evidences?

A: Auditing is a process of examining the financial statements of the client. The auditor provides an…

Q: What is the major difference between auditing services and assurance services?

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: threats

A: Ans. An auditor has to follow certain ethical standards like objectivity, integrity,…

Q: Assess the economic significance and limitations of audit work to business and investor interests,…

A: Ans. Their are various significance of auditing in a business. Though it comes with few limitations…

Q: Critically evaluate whether the manner in whic

A: An audit is the examination of an organization's financial statements - as provided in its annual…

Q: explain why and auditor needs an understanding of the client's industry

A: A person who has the authority to examine financial documents, confirm their accuracy, and make sure…

Q: What does auditors examine?

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

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…