Explain what is meant by lapping and discuss how the auditorcan uncover it. Under what circumstances should the auditor make a special effort touncover lapping?

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

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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: When the CUER exceeds the TER, what courses of action areavailable to the auditor? Under what…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating…

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Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: The Responsibilities principle requires that auditors be responsiblefor having appropriate…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: How will you explain the Auditing Process to someone with experience in Auditing?

A: Auditing: An audit looks at your company's financial records to make sure they're correct. This is…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

Q: Explain what types of audit opinions auditors can issue and what are the possible reasons for…

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

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 is directional testing? How does directional testing relateto the appropriateness of audit…

A: Auditing means the process in which the books of the company are audited by a person. The person…

Q: How do Analytical Procedures assist the auditor?

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

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: Discuss how important is the risk assessment stage in audit engagements? Explain what audit…

A: The risk assessment stage is very important in an audit, as it gives the auditor an idea on the risk…

Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?

A: The study and verification of a company's financial data is described by as audit in accounting. An…

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

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

Q: Defining what lapping is and how it might be discovered by an auditor is the first step. The auditor…

A: Lapping is a fraudster activity in which one persons money is recorded as payment received from…

Q: One of the uses of audit working papers is to prove the independence of the auditor.  TRUE OR…

A: Audit should prepare audit documentation which provides that audit was performed in accordance with…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

Q: Speculate on which type of risk creates the most uncertainty for the auditor and recommend at least…

A: An audit occurs when a professional analyses or inspects multiple books of accounts, followed by a…

Q: What are the types of audit procedures used during substantive testing, briefly explain them.

A: Substantive testing is indeed an auditing method that looks for mistakes in financial statements and…

Q: Explain the circumstances when an auditor needs to assess the components of the audit risk model…

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

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Q: It's important to explain what lapping is and how an auditor may find it. When should the auditor…

A: This question explains about what lapping is and how an auditor may find it.

Q: What steps are used by auditors to find out what happened after the first audit?

A: Answer: Audit is the independent check of the financial statements to give true and fair opinion.

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

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: .“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion.…

A: .“It is the auditors’responsibility to gather sufficient appropriate evidence to reachtheir opinion.…

Q: In obtaining audit evidence, the auditor should use professional judgment to assess the risk of…

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

Q: Is it OK to give the client copies of the auditor's previous documents? If so, what should the…

A: Independent review of accounting and financial records is referred to as auditing. The purpose of…

Q: re internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: Delineate the measures that may be employed to limit or remove risks to the independence of the…

A: Introduction: Independent auditors (internal and external) are subjected to an audit independence…

Q: Explain the term ‘analytical procedures’ and outline the different types of analytical procedures…

A: Analytical procedures consist of ‘evaluations of financial information through analysis of plausible…

Q: What are the objectives of an audit risk assessment? Explain why a risk assessment performed during…

A: Audit risk assessment is such a procedure which are all performed for the purpose of understanding…

Q: What are the requirements from Sarbanes-Oxley regarding using the same auditor

A: Audit is an independent examination of financial information of any entity, whether profit…

Q: Aside from documenting his/her understanding of the internal control structure, the auditor should…

A: The auditor should  document  in his working papers The understanding  of entity  accounting  and…

Q: auditor is able to rely on previous audits' assessments

A: In some cases, auditor may have to place reliance on the work done by the previous auditor or other…

Q: O The determination of how to audit and review a client's subsequent events is a subjective one. The…

A: Subsequent events refers to an event that occurred between the reporting period and the date of…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

Q: What are the most pressing issues? What are the auditors' responsibilities for assessing the…

A: Uncertainties Regarding the Future: Going concern uncertainties are a notion in which the questions…

Q: Help me understand the distinction between an external audit and a Review Engagement.

A: This question explains about the distinction between an external audit and a Review Engagement.

Q: The size of the subset of items the auditor examines is primarily a function of materiality and the…

A: Audit sampling is the application of an audit procedure to less than 100 percent of the items within…

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…