Explain the responsibilities of an auditor in relation to subsequent events.

Q: Describe the audits and auditors ingovernmental, internal, and operationalauditing.

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

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: In auditing liabilities and expenses, the auditor is generally more concerned about the management’s…

A: Ans. There are various kinds of assertions which needs to be checked while auditing. Some of the…

Q: Learn the fundamentals of reporting and identify the essential components of the auditors' report.

A: This question explains about the fundamentals of reporting and the essential components of the…

Q: Discuss the responsibilities of and auditor’s expert.

A: The auditor’s expert refers to the organization or an individual that possesses expertise in a…

Q: What should an auditor do prior to accepting an audit engagement?

A:

Q: Understand auditors’ responsibility forsubsequent events and subsequentlydiscovered facts

A: Subsequent Event: A subsequent event is an event or transaction that occurs after the date of the…

Q: What is the primary duty of an auditor?

A: Primary duty of an auditor: Primary duty of an auditor is to express an opinion on the financial…

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: 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: What are the requirements for referencing a Component Auditor in the Audit Report?

A: Definition:   Component auditor: The component auditor performs the audit of the component of the…

Q: Describe the fundamental principle ofresponsibilities and how this principlerelates to the…

A:

Q: developing and evalueting audit documentation

A: Audit documentation is the way of recording the audit plans, procedures and findings in a working…

Q: Ultimately, is the purpose of an audit trail to follow a transaction from its input through its…

A: Transaction Process System: Transaction process system can be defined as a system designed to…

Q: Explain the specific responsibilities of the management that are to be included in the auditor’s…

A: Management is one who prepares the financial statements that are, the cash flow statement, the…

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

Q: Who is responsible for initiating the communication between the predecessor and successor auditors?

A:

Q: Describe role and objectives of audit planning.

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

Q: What factors should an auditor consider prior to accepting anengagement? Explain.

A: Introduction: A financial audit is a purposive inspection and assessment of the financial statements…

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: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: Briefly explain the fundamental principles that an external auditor should follow with examples.

A: The external auditor is a public accountant who conducts audits with full integrity, competence, and…

Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: When and How internal audits are carried

A: An internal audit is a kind of audit which provides risk management and assesses the effectiveness…

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: Define Institute of Internal Auditors.

A: The Institute of Internal Auditors was established in 1941, the Institute of Internal Auditors…

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 types of auditor’s reports.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: Explain the types of auditor’s report.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

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

A: Going-concern: It can be defined as the principle of accounting that is based on an assumption that…

Q: The auditors' report is influenced by the idea of materiality.

A: This question explains about the auditors' report is influenced by the idea of materiality.

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: 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: Explain the content of audit report.

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

Q: Distinguish the role of internal and external auditor

A:

Q: situations involving auditor reports-

A: Audit reports are issued by auditors to express his opinion regarding the truthiness and fairness of…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: Auditing is a safeguard measure adopted by every organization to ensure the correctness in the data…

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: Summarise current audit practices

A: The current audit practices are -

Q: What should occur if the audit report has already been issued and the auditor becomes aware of a…

A: According to IAS 10, Subsequent events are the events that occur after the financial statement dates…

Q: To whom is the auditors’ report addressed?

A: The financial statement of a company is examined by an independent auditor with regard to their…

Q: Distinguish between management’s and the auditor’s responsibility for the financial statements being…

A: The responsibility of the management is for making fair representations in the financial statements,…