relationship between application controls and transaction-related audit o

Q: Discuss with examples, what are substantive audit procedures.

A: Substantive procedures are audit exams or methods by which products by an auditor to evaluate the…

Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: ome limitations of internal controls?

A: Control Environment. The phrases "control environment" and "internal control environment" are…

Q: Differentiate between tests of controls and substantive testing and the relationship between the two…

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

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Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: Discuss how the process of getting IT audit evidence differs fundamentally from the method of…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoices andother documents…

Q: What are c Post-audit Tasks?

A: Post-Audit An audit is a review of a consultant's accounting system, bookkeeping practices, and…

Q: How must an auditor document understanding of Internal Control?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: Describe role and objectives of audit planning.

A: Audit planning Audit planning  start  at the initial stage  of audit process.

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…

A: Introduction: Independence in auditing refers to the auditor being independent from the business…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

Q: Define what is meant by compliance auditing

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

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: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: Subject: internal auditing - needs to perform control testing

A: Introduction: Auditors have a wide range of instruments at their disposal while doing an audit for a…

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

Q: An important balance-related audit objective is realizable value. Describe the purpose of this audit…

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

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

Q: Mention two audit procedures relating to electronic data interchange controls

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

Q: ne independence and objectivity as it relates to internal audit functi

A: The internal audit function refers to the process of asses the internal functions of a company as…

Q: Differentiate Internal Audit from External Audit.

A: Auditing refers to checking books of documents with an intention to express a reasonable opinion on…

Q: What is the importance of knowing the Transaction Cycles in Auditing?

A: Audit is a process in which auditors has to find out whether the financial statements are present…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: Elaborate types of Audit reports?

A: The report which is prepared on the results of the auditor's examination is called an audit report.…

Q: Explain the concept of audit and its objectives

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

Q: Is it necessary to undertake an audit client's internal control evaluation?

A: This question explains about an audit client's internal control evaluation

Q: Describe the key components of maintaining auditor independence.

A: Auditor independence: Auditor's independence means audit is conducted by the auditor in an unbiased…

Q: Three difficulties associated with using embedded audit software as part of the audit process.

A: Auditing software are used to assist the auditors in the process of auditing. Various auditing…

Q: Distinguish between auditing andaccounting.

A: The Difference between auditing and accounting are listed as follows:

Q: Distinguish the role of internal and external auditor

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

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Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

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: 1.Explain the importance of internal controls to auditors and management.

A: The formulation of internal controls is done by the management and the testing is done by auditors…

Q: Performance auditing is oriented primarily toward * Past protection provided by existing external…

A: Auditing refers to inspection of a particular organisation or we can say company.It is mainly on…

Q: Which of the following is often called a compensating control?a. transaction authorizationb.…

A: The compensating control is referred to as a type of control that is meant for reducing attacks and…

Q: process and steps involve in internal execution

A: Internal auditing is a process in which the internal controls and accounting processes are checked…