In terms of configuration, what function does the audit trail play?

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 the broad classes of facts that need to be gathered in the system survey?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: What is an Audit Hook?

A: Auditing: The analytical process of evaluating and assessing the accounting information furnished by…

Q: Should an auditor wishing to assess the adequacy of separation of functions examine a data flow…

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

Q: What are the contents of an audit plan?

A: Audit plan: It can be defined as the specified guideline to be followed by the auditor at the time…

Q: How could a computerized system’s transaction audit trail in an advancedsystem differ from one in a…

A: Audit Trail: The accounting records of an entity are provided in an audit trail. It is used to…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: What is an external auditor?

A: Auditor is a person who audits the accounts of the business.

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: what are the different types of audit documents?

A: Audit documentation is the record of procedures performed, evidence obtained, and conclusions…

Q: How does Real Time Processing affect an audit?

A: Real-time data processing is the program for running multiple rows and columns of data during a…

Q: What are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: How long must audit workpapers be maintained?

A: Definition:   Audit planning: Audit planning includes the designing of audit strategy for the…

Q: Why audit is a systematic process?

A: Audit: It is an examination of the financial statements of the company. It helps in determining…

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: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: What is Stategic Audit and its elements? explain.

A: Large, heterogeneous corporations organize themselves into divisions to interrupt the management of…

Q: What are Post-audit Tasks?

A: An audit is conducted on the accounting records and financial statements of a firm. The purpose of…

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 are the relative merits and disadvantages of a current system survey?

A: System Survey: System survey is defined as the process of determining the elements of information of…

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: What are some audit procedures that can be performed using CAATs?

A: Computer-Assisted Audit Techniques (CAAT's): The technique which assists an auditor to perform audit…

Q: Explain how the magnetic audit trail functions.

A:

Q: When can an audit of IT be performed without directly interacting with the system?

A: Auditing:   It is a systematic verification of the books of accounts of an organisation by an…

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: Define what is meant by an audit trail and explain how it can beaffected by the client’s integration…

A: Audit trails are the manual or electronic records that chronologically catalog events or procedures…

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: What exposures do data consolidation in a CBIS environment pose?

A:

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

A:

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: What is the purpose of a digital audit trail?

A: Digital audit trail means that path which is used to trace the actual transactions from the relevant…

Q: What role does the audit trail play in the task of confirmation?

A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…

Q: Briefly provide your opinion whether an auditor wishing to assess the adequacy of separation of…

A:

Q: What is the audit team’s goal in performing them in an attributessampling application?

A: Attributes sampling involves selecting a small number of transactions from the given population of…

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: essentially describe what materiality means in the context of the audit.

A: The most typical type of audit is a financial statement audit. A financial audit is an objective…

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: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…