Is it permissible to provide the customer copies of the auditor's previous paperwork? If so, are there any other factors that auditors should consider before presenting client documentation? At the very least, three points should be made.

Q: Define materiality as it is used in audit reporting. What conditions will affect the auditor’s…

A: IAS 320 Materiality in planning and performing an audit, describes the omission or misstatement that…

Q: What should an auditor do if they discover they have forgotten to perform a substantive procedure?

A: Audit Procedure: A specific procedure undertaken by an auditor to procedure evidence in a particular…

Q: If an IT auditor discover irregular & illegal acts during the course of his audit, what should the…

A: Answer: It is the responsibility of the auditor to report independence opinion on any audit…

Q: e internal auditors’ responsibiliti

A: Auditor's internal control Responsibilities is an audit of the effectiveness of internal control…

Q: s

A: Auditing refers to the process when an auditor physically checks all the facts and figures of a…

Q: When would an auditor be hired to perform a compliance audit.

A: An independent professional who is responsible for the examination of the financial statements of an…

Q: Explain why it is important for audit documentation to include eachof the following: identification…

A: Audit Report is the verification of financial statements of a company by an outsider/insider to…

Q: Assume that an auditor makes an agreement with a client that theaudit fee will be contingent upon…

A: Definition: Auditor: An auditor is an accounting professional hired by a company to review the…

Q: What should an auditor do prior to accepting an audit engagement?

A:

Q: The primary reason auditors request responses to attorney letters is to provide auditorsa. The…

A: An attorney’s letter refers to a legal document that gives someone the authority to act for someone…

Q: Who must approve non-audit work performed by a firm for a client?

A:

Q: Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and…

A: Definition: Auditor: Auditor is an accounting professional hired by a company to review the…

Q: It's not clear why pre-numbering the reports received is essential. How may an auditor verify a…

A: Dialogue Systems are used in natural language processing to do the following: Dialogue systems are…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: Is the audit opinion applicable to the "other information" as well? *

A: Auditing: The official verification and scrutiny of financial statements is known as auditing. The…

Q: Why is it necessary to pre-number reports received? In what way might an auditor examine a claim…

A: For natural language processing, the use of Dialogue Systems :

Q: What is the auditors’ reporting responsibility for (a) other information accompanying the…

A: Auditors' main responsibility is to express an opinion on the financial statements of an entity that…

Q: Is it allowed to send copies of the auditor's earlier paperwork to the client? If yes, are there any…

A: solution concept as per the standards on auditing , audit documentation the audit working papers and…

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 is ownership of and right of access to documentation? Why do you think that in the audit…

A: Meaning of the documentation is that is a printed paper that contains all the original , legal and…

Q: The prospective auditor can contact the predecessor auditor without the client approval. True O…

A: Auditor:- He is a person who is appointed to conduct a fair audit for the company and serve true and…

Q: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

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

A:

Q: What is an auditor’s primary method to corroborate information on litigation, claims,…

A:

Q: When testing the existence assertion, the auditor will take the vouching direction when examining…

A: VOUCHING MEANS INSPECTION OF DOCUMENTARY EVIDENCE SUPPORTING & SUBSTANTIATING TRANSACTIONS . THE…

Q: How would an auditor communicate  known there are violations of the law and the auditor's…

A: Audit is the process in which auditor independently examined the financial information of any type…

Q: Assume that an auditor makes an agreement with a client that the audit fee will be contingent upon…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

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: How will you explain the different types of audit opinion (e.g., Unqualified, Qualified, Adverse,…

A: Audit opinion refers to the opinion given by the auditor of the entity on examination of the…

Q: In addition to obtaining responses to attorney letters, what other procedures can be used to gather…

A: Audit Evidence: The pieces of evidence provided by the audit team to prove their opinion with…

Q: What are the most often used audit processes for verifying the existence of a claim

A: Internal control is a process that ensures that an organization's goals are met effectively and…

Q: Identify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the…

A: Securities and Exchange Commission (SEC): SEC is an independent organization of the federal…

Q: Why are written representation and attorney letters obtained near the end of the evidencegathering…

A: Written representations include information about entity's financial statements, about internal…

Q: Do the auditors have to report on (a) the audited financial statements and (b) any other information…

A: This question explains about the audited financial statements and any other information that is…

Q: Which of the following should not be considered at the planning phase of the audit? a.…

A: Please see the next step for the solution

Q: An auditor shall prepare audit documentation on a basis.

A: An audit is a process of checking and verifying the books of account and financial information of…

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: What are the responsibilities of (a) client management, (b) auditors, and (c) the client’s…

A:

Q: Distinguish between the legal concepts of actually foreseen third-party users and reasonably…

A:

Q: What is the auditors responsibility regarding the noncompliance with laws by a client?

A: Audit:   It is an inspection of the financial statements of the company. It is mandatory for every…

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: What basic conditions must be met before auditors can issue an unqualified report.

A: Meaning of Unqualified Audit Opinion An audit opinion is a verification that accompanies financial…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.