Explain the phrase “Auditing and governing are not mutually exclusive”.

Q: In order to be relevant, financial information must have O neutrality. O confirmatory or predictive…

A: Financial information is the information regarding the financial aspects of business and this…

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: The "other information" is included in the audit opinion, or is it excluded? Justify your choice.

A: In accounting, auditing is the act of evaluating the financial statements of a corporate entity to…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: This term is synonymous with acceptable audit risk.

A: Explanation and answer is given below,

Q: No. 2. What are the similarities and differences between external auditors and internal auditors

A: Auditors have very important roles to play in the accounting and auditors may be external or…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? C . Unqualifi ed.

A: Audit opinion: Audit opinion can be defined as an opinion formed by an independent auditor based…

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: The going concern is an accounting assumption where it is assumed that the business will be carried…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: describe the advantages of using a disregarded entity in assessing a choice of entity

A: The word disregarded entity means how the IRS can tax a single-member LLC. If the LLC is considered…

Q: What are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

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

A:

Q: Which of the following is not required by generally accepted auditing standards?a. Written…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: Why do auditors use the words "present fairly

A: Present Fairly Present fairly is a term used inside the text of an audit report back to indicate…

Q: Distinguish between independence in fact and independence in appearance. Can auditors be independent…

A: Independence in fact means when the auditor is actually independent and not working as the puppet of…

Q: The auditor's obligations with regard to "going concern assumptions" are not well defined

A: The notion of a going concern is as follows: This notion is predicated on the premise that the…

Q: Define auditing. How is auditing different from accounting?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: T/F The AICPA's “audit risk model" applies to the relevant assertion-level of an individual audit…

A: The audit risk model is the foundation of any audit. It is a tool used by auditors to understand the…

Q: Whare are the disadvantages of external goverment audits?

A: Government Audits generally refer to audit of performance of the Government activities with respect…

Q: istinguish between responsibility, authority, and accountabilit

A: Responsibility: When a sub-ordinate is obligated to perform the duties assigned to him, it becomes…

Q: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Explain the problems associated with lack of auditor independence.

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

Q: Define a scope limitation and distinguish between client-imposed and circumstance-imposed scope…

A: An auditor is supposed to carry out his reporting obligations to the best of his ability, using the…

Q: 1 What sources of information can auditors use in connection with deciding whether to accept a…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: In the Framework, it is possible that an entity may not disclose relevant information. Why?

A: The <IR> Framework is the International Integrated Reporting Framework, which presides over…

Q: What is the difference between audit and accounting

A: Audit and accounting are two important things in business. Two of them are equally important for…

Q: The concept of reasonable assurance recognizes that the cost of internal control should not exceed…

A: Internal control would seem to be a method created by an institution or university's governing…

Q: From the options given below which of the following is not the reason of inherent limitation of…

A: Inherent limitation of audit comprises of all those things that are responsible for limiting or…

Q: internal audit function acts as a higher level of control to determine that the internal control…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Discuss the objectives of eliminating receiving functions. Also, discuss the accounting and audit…

A: Step 1 When shipments of goods arrived at the warehouse to replenish stocked inventory, then the…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

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

Q: 2. What is the hindrance of operational audit in your

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A. Explain Differences between Accountancy and Auditing

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: Discuss the objective of eliminating the receiving function.What accounting/audit problems need to…

A: Auditing is the process of ensuring that an entity's financial records are correct and fairly…

Q: Determine whether or not a person is really independent. Is it possible for auditors to be really…

A: This question deals with  whether or not a person is really independent:

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

A:

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: Which of the following is NOT included in the concept of internal control? O entity's resources O…

A: Internal controls are the set of rules and procedures through which an entity ensures integrity and…

Q: Which of the following is correct about audit opinion? a. It does not assure the future viability of…

A: Correct option is A It does not assure the future viability of the entity Explanation The auditor's…

Q: advantages and disadvantages of a qualified audit opinion

A: Audit opinion is 4 types that are Unqualified opinion- In the opinion of independent auditor…

Q: Do you believe the internal audit activity should be independent? Explain.

A: