ideal outcome of the audit procedure or process? (auditing)

Q: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

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: 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: What is a post-audit, and what is the purpose ofthis audit?

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

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: In the auditor's current audit documentation files, what is regarded to be the most significant…

A: Right now, we're working on the following documents: The term "current files" refers to collecting…

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: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

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: What is vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

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 is meant by the terms nature, timing, and extent of further audit procedures?

A: Audit procedure: To determine the quality and accuracy of the financial information provided by the…

Q: What should an auditor understand with respect to Information and Communication on an audit?

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

Q: What is considered the most important content of the auditor’s current audit documentation files?

A: The audit staff working on the engagement prepare an audit scheme according to the audit procedures…

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: How does the quality of audit evidence vary depending on who has provided it?

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

Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: Explain what is meant by lapping and discuss how the auditorcan uncover it. Under what circumstances…

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

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Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

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: 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: What are analytical procedures? Describe how they can be used as substantive tests in an audit

A: Analytical procedures are the procedure used by auditor at planning and execution stage to analysis…

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

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Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

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Q: An audit process is a way of describing what it means to conduct an audit. Is there a reason why…

A: This question explains aboutan audit process is a way of describing  to conduct an audit.

Q: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Explain the difference between an external audit engagement and a Review Engagement.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

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 are techniques you will use to obtain the sufficient appropriate audit evidence?

A: Audit refers to the form of examination or inspection of various accounting books of a company by an…

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 should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

Q: Why is it necessary to evaluate the attributes of audit evidence? Explain

A: The information gathered by an auditor to determine the correctness and conformity of a…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: What does auditors examine?

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

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…