How do management assertions affect the audit?

Q: What are the conceptual phases of an audit? How do they differ between general auditing and IT…

A: Audit: An audit is an organized and self-regulated inspection of books of accounts. This inspection…

Q: How is audit strategy mapped out?

A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…

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

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Q: What tasks do auditors perform during audit planning, and what techniques are used?

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Q: What are the roles of internal and external auditors?

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

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: What procedures do auditors perform to identify subsequent events?

A: Subsequent Event: Subsequent events refer to those events that take place after the preparation of…

Q: What is the general objective of audit planning?

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

Q: How to Determine Materiality in Audit?

A: solution concept materiality means the amount or figure that is able to affect the judgement or…

Q: What is the primary constraint on audit evidence?

A: Audit evidence is primarily, the data and accounts of the client and its associated third parties,…

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: What is vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

Q: explain how concepts of audit risk and materiality are related. must an auditor make a decision on…

A: Auditing - The organized process of examination of the financial information and verification of the…

Q: Why auditors gather evidences?

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

Q: What is an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented…

Q: how key audit matters affect the model of the audit report?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

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: How is the audit risk model used to plan the audit?

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Q: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: Why is it important for an auditor to carefully assess inherent risk on each audit engagement?

A: Definition: Inherent risk is the probability that material errors or frauds have entered the…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: Define control risk and explain the role of control risk assessment in audit planning.

A: Three types of risks in auditing: Inherent Risk Control Risk Detection Risk Control Risk: It is…

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

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: 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: 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 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: What is the ULRD? What information does the ULRD provide to the audit team?

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Q: audit risk

A: Audit risk is the risk that the auditor may gives an inappropriate audit opinion when the financial…

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has…

Q: What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands…

A: Introduction: An external audit is a review undertaken by an outside accountant. This form of audit…

Q: what is audit going concern?

A: Going concern is an accounting term for a company that is financially stable enough to meet its…

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: What characteristics should audit evidence have?

A: It is about the two key features of the audit evidence, based on which the appropriateness content…

Q: What does auditors examine?

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

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…