need for independent audits
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: Distinguish between the general audit objectives and management assertions. Why are the general…
A: Auditing: Auditing is the process by which assertions made by management about financial…
Q: hat are the factors upon which reliable and relevant audit evidence depends o
A: Information that backs up and corroborates management's financial statement declarations or internal…
Q: what is Advantages of the Standard Audit
A: Standard audit The audit conducted based on Generally Accepted Accounting Standards that are issued…
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: What are the components of audit risk and how do these relate to each other?
A: Audit risk refers to the possibility that financial statements are significantly incorrect, even if…
Q: What is vouching? Discuss its importance in auditing.
A: Voching is the backbone of auditing
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: 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 many types of Analytical Procedures in auditing
A: Introduction:- Analytical Procedures in auditing:- Audit procedures are the processes, techniques,…
Q: independent auditon
A: Independent auditor is appointed by shareholders to report on the financial affairs of the entity's…
Q: Examining the implications of expectation gaps in the context on audit and assurance on going…
A: Expectation gap: The users of the information provided in the financial statements would expect few…
Q: How does control risk affect the nature, timing, and extent of further audit procedures?
A:
Q: = appropriateness of audit evidence
A: An audit evidence is said to be appropriate when it enables the auditor to express an unbiased and…
Q: What are the benefits of audit planning?
A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…
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?
A:
Q: criteria of audit plan
A: Introduction: While performing an audit, an audit plan is the exact guideline to adopt. It assists…
Q: Explain what is meant by the term acceptable audit risk. Whatis its relevance to evidence…
A: Accepted Audit Risk:- When the auditor is willing to take risk of giving an unqualified opinion for…
Q: what information do we need for analytical procedure in auditing?
A:
Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?
A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…
Q: audit risk.
A: First option is wrong because the inherent risk is the risk of material misstatements that may exist…
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: How is Audit Risk calculated?
A: Definition: Audit Risk: The risk that arises when an auditor does not find any misstatement…
Q: Elaborate types of Audit reports?
A: The report which is prepared on the results of the auditor's examination is called an audit report.…
Q: g the appropriateness of audit evidence
A: Option B is wrong because the statement is correct regarding the appropriateness of the audit…
Q: Discuss the theories to auditor independence
A: An auditor is someone who verifies the accuracy of a recorded transaction. The auditor must ensure…
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: Explain the relationship betweenaudit objectives and theaccumulation of audit evidence.
A: Auditing: Auditing is defined as the independent verification and examination of the financial…
Q: audit risk
A: Audit risk is the risk that the auditor may gives an inappropriate audit opinion when the financial…
Q: why each audit evidence is important?
A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…
Q: benefits associated with properly aggregating audit.
A: Auditing is a process of collecting sufficient appropriate evidences so as to enable the auditor to…
Q: What are the possible obstacles or hindrance of operational audi
A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…
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 what is meant by the audit expectation gap.
A: Audit expectation gap refers to the difference between public expectation about the auditor's role…
Q: Explain audited value.
A: The term review ordinarily alludes to a business enterprise report review. A financial review could…
Q: Whare are the advantages of internal goverment audits?
A: Traditionally, there was no concept of Government Audits since Government was the one which…
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- how many critical audit matters were discusses in target's audit report in 2020?Which of the following BEST (select one) describes why auditing can be viewed as a continuous cyclical process? a) The audit plan is used to develop the audit schedule. b) Many audit departments review the same areas each year as part of the audit plan. c) Historical and current information from audits should be incorporated into the risk assessment. d) Businesses go through economic cycles, so audit plans must go through cycles.Your client has enjoyed increasing brand recognition for some of its key products. This has positively affected the audit client’s profit growth, which has risen by 10% over the financial year. Required: Explain the impact of this issue on your assessment of a) audit risk, (by indicating the impact on the relevant components) and b) the audit strategy that would be adopted.
- TOPIC In recent years, the audit landscape has seen several emerging trends shaping the profession’s future. From technological advancement to changes in regulatory requirements., these trends have significant implications for CPAs, making it crucial for them to stay current. The era of manual, analytic processes is fading, and a new generation of technology-enabled auditing is emerging. Auditors must be prepared for the challenges and opportunities this new era presents. Expansion of Cybersecurity Considerations in the Audit Process Required: Write a essay on topic Expansion of Cybersecurity Considerations in the Audit Process Referencing: Harvard StyleMazars Audit Firm is re-appointed as auditors in Beautiful Jewels for a year ended 31st March 2020. The overall level of acceptable audit risk of the client is considered as 10%. The inherent risk and control risk are assessed at 50% and 80% respectively. (i)Explain the meaning of 10% level of Audit Risk. (ii)Calculate the detection risk from the case let using the audit risk model Calculate the detection risk, if the audit risk falls down to 5% .Mazars Audit Firm is re-appointed as auditors in Beautiful Jewels for a year ended 31st March 2020. The overall level of acceptable audit risk of the client is considered as 10%. The inherent risk and control risk are assessed at 50% and 80% respectively. (i)Calculate the detection risk from the case let using the audit risk model
- Ms. Fatema started his auditing service for various types of companies in the year 2020. Can you explain her about acceptable audit risk, client business risk, and risk of material misstatements? When she what to consider these types of risks?What are key audit matters? How do these affect the format of the audit report? maximum 200 words)b) Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart iswriting a report for his audit partner based on these results and will be attending a meetingtomorrow with the partner and representatives of the company to discuss them. The issue will bewhether the financial report should be amended, or additional notes included for thesesubsequent events.Many of the items are not material and Stewart will recommend that no action be taken withrespect to these. However, there are several items that Stewart believes are material and shouldbe discussed at the meeting. These are as follows.(a) The board is planning to issue shares in a private placement on 15 August. (b) The share issue is to fund the purchase of a 60 per cent stake in another company. Thenegotiations are in the final stages and although the contract is not yet signed it will be signedby 15…Mazars Audit Firm is re-appointed as auditors in Beautiful Jewels for a year ended 31st March 2020. The overall level of acceptable audit risk of the client is considered as 10%. The inherent risk and control risk are assessed at 50% and 80% respectively. (i)Explain the meaning of 10% level of Audit Risk.
- Asap Operational auditing has grown in importance over the last few decades a . Define operational auditing. b. Who are the major users of operational audit reports. c. List the phases of an operational audit.27 As a student of Auditing subject, you are expected to be fully aware of the different types of audits and their purposes. Choose the type of audit which builds confidence in the integrity of corporate reporting for the benefit of stakeholders and society at large. a. Environmental Auditing b. Value for Money c. Internal Auditing d. External Auditinghow do auditor gather audit evidence during the period of covid 19 ? 700 words