internal audit

Q: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

Q: What is the purpose of WWWWHH (WHEN, HOW MANY, HOW) in carrying internal audit.

A: Internal auditing is a non-partisan, objective assurance and consulting activity that aims to…

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: Which of the following is a category of audit documentation? * Current file Permanent file O Audit…

A: Audit documentation: It is the record of procedure performed, relevant audit documents obtained and…

Q: Discuss how the process of collecting audit evidence in a CBIS is fundamentally different from the…

A: Evidence gathered during the audit: Audit evidence is documentation in the form of receipts,…

Q: List and discuss matters of planning thatauditors should consider related to theclient’s computer…

A: Auditing:   It is an independent examination of the financial information of an organization to test…

Q: Required: a. Explain the purpose of a PPE register, describe its contents and state how it should be…

A: The purpose of maintaining PPE register is to provide all useful information related to all assets…

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: 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: The steps in planning an audit includes obtaining an understanding of the entity and its environment…

A: Audit Planning Planning is an important part in conducting the Audit work in the organisation.…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

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: What are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

Q: Explain the main types of audit based on its objectives.

A: Audit is a systematic examination of the financial records to check that the financial records…

Q: Define what is meant by compliance auditing

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

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

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 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 would you expect to find in a current audit file?

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

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: "The audit process oгocess

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

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: ne independence and objectivity as it relates to internal audit functi

A: The internal audit function refers to the process of asses the internal functions of a company as…

Q: Which of the following is a category of audit documentation? Current file Permanent file Audit…

A: Auditing involves an independent examination of an entity's financial information with a view to…

Q: Define Institute of Internal Auditors.

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

Q: According to IAASB what are the functions of an internal audit?

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

Q: What is the difference between an external audit engagement and a Review Engagement, please explain.

A: External audit engagement and a Review Engagement will be explained:

Q: ___________ is a tool for planning, directing, and controlling the audit work. a. Engagement letter…

A: Audit Programme : An audit programme is a set of guidelines that the auditors and his or her team…

Q: Explain the relationships among audit services, attestation services,and assurance services, and…

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 four potential tools available to the auditor for documenting her understanding of an…

A:

Q: Do you know what the auditor's current audit documentation files contain?

A: This question dells with  the auditor's current audit documentation files contain

Q: What section of the IAASB are the functions of an external audit located?

A: The general meaning of the term external audit can be understood to any audit which is performed by…

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

A:

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

Q: IAASB defines the role of an external audit as follo

A: Answer: Concept IAASB is board of International Auditing and Assurance Standards Board. They issues…

Q: 1.What is audit evidence and documentation and give an example

A: Audit evidence - We know that an audit is an independent examination of historical financial…

Q: Audit Client Acceptance Procedures

A: Audit Client Acceptance Procedures are certain procedures to be followed by the auditor before…

Q: Explain in your own words the meaning of the terms in the figure from Unit 3 below: Assurance,…

A: An audit refers to a process wherein the auditor examines or inspects numerous books of accounts in…

Q: The audit documentation are the connecting link between the client's accounting records, financial…

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

Q: Explain how SOX has affected audit firms.

A: Basically, SOX was enacted to build confidence in the financial markets and tried to eliminate…

Q: distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible…

A: The shareholders or investors or management have a keen interest in the organization mainly the…