The primary difference between operational auditing and financial auditing is that in operational auditinga. The operational auditor is not concerned with whether the audited activity is generating information in compliance with financial accounting standards.b. The operational auditor is seeking to help management use resources in the most effective manner possible.c. The operational auditor starts with the financial statements of an activity being audited and works backward to the basic processes involved in producing them.d. The operational auditor can use analytical skills and tools that are not necessary in financial auditing.

Q: The company being audited has an internal auditor who is both competent and objective.The…

A: Answer:   Option b.

Q: In auditing liabilities and expenses, the auditor is generally more concerned about the management’s…

A: Ans. There are various kinds of assertions which needs to be checked while auditing. Some of the…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Answer: Threats to independence occurs when there is audit in any company. There are various types…

Q: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: Audit standards distinguish auditors’ responsibility for planning procedures for detecting…

A: Auditors have duty to distinguishing material error of budget summaries because of resistance with…

Q: analytical procedures

A: Analytical procedures are comparing the performance of the client over periods or other entities to…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: We’ll answer the second question since we require more information to answer first question. Please…

Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s…

A:

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control               Internal control is the process laid down by the…

Q: Given the economic and time constraints in which auditors can collect evidence about management…

A: Financial statements are the statements that are prepared at the end of the period in order to…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with a.…

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

Q: Identify which of the major fundamental principles (responsibilities, performance, or reporting) is…

A:

Q: Which of the following is most closely related to the responsibilities principle?a. The auditors’…

A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements…

Q: Financial statements that have been audited and verified by an external auditor are considered more…

A: Financial statements are the indicator of financial position of the business. It includes Income…

Q: The following questions deal with assessing controlrisk in a financial statement audit. Choose the…

A: Internal controls can be defined as the procedures to be followed in order to ensure the accounting…

Q: Under what circumstances can you envision management using alternative one rather than alternative…

A: Under what circumstances can you envision management using alternative ones rather than alternative…

Q: Many people confuse the responsibilities of the independent auditors and the client's management…

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

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Intimidation Threat :- An intimidation threat occur if the professional accountant is intimidated by…

Q: Assume that your audit partner asks you to design detailed substantive testing programs for accounts…

A: Considerable testing is a review technique that looks at the fiscal reports and supporting…

Q: Compliance auditing often extends beyond audits leading to the expression of opinions on the…

A: An auditor is appointed to check the accuracy of the financial statements of the company.

Q: When processing controls within the accounting information system may not leave visible evidence…

A: When processing controls within the accounting information system may not leave visible evidence…

Q: The most important objective of risk assessment procedures performed by auditor is a. To identify…

A: As per ISA 315 IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENTS: The most important…

Q: Which of the following is an attribute of the internal control procedure—assignment of​…

A: The process by which the operational efficiency and effectiveness in the organizational objectives…

Q: Analytical procedures are one of many financial audit processes which help an auditor understand the…

A: Introduction:- Analytical procedures are one of many financial audit processes which help an auditor…

Q: The existence of audit risk is recognized by the statement in the auditor's standard report that the…

A: An auditor is a person who is responsible for auditing the financial statements of a company and…

Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

A:

Q: Choose the correct.Which of the following is not a way by which the Sarbanes–Oxley Act attempts to…

A: The explanation for the given options:

Q: If the Financial Statements are prepared do not achieve fair presentation, then an auditor shall O…

A: An audit is defined as the examination of financial statements in order to check whether or not the…

Q: At Crazy Eddie, the management team established “deceiving the auditors” as a primary strategic…

A:

Q: Which threat may occur when a professional accountant may be deterred from acting objectively by…

A: Intimidation threat may occur when a professional accountant may be deterred from acting objectively…

Q: Compliance auditing often extends beyond audits leading to the expression ofopinions on the fairness…

A: Auditing: Auditing refers to an independent examination of financial information of any…

Q: A major objective of written representations is toa. Shift responsibility for financial statements…

A: The auditor requires collecting sufficient and appropriate audit evidence during the audit for…

Q: If auditor maintains high degree of independence, it will result in _________ a. Attention of media…

A: Independence of auditors means when auditor is not biased while analysing and reviewing financial…

Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a.…

A: We are supposed to answer only one question, please Co-operate and ask other questions separately…

Q: Which of the following statements about management assertions, audit objectives, and audit evidence…

A: The overall objective of an auditor express an opinion on financial statements that it represents…

Q: Which of the following is not a way by which the Sarbanes–Oxley Act attempts to ensure auditor…

A: Definition:   Sarbanes Oxley Act (SOX): SOX is the act passed by the government to address the…

Q: Which of the following control objectives in the General Ledger activities under the…

A: Auditing Procedures The purpose of adopting Auditing procedures which are important to the Auditing…

Q: Audit evidence is more persuasive when : A_Information is provided by the board of directors of the…

A: The documents that are being collected by the auditor to support its work are audit evidences. For…

Q: What is the problem with an auditor overrelying on management’s representations on the financial…

A: Solution: Introduction: An auditor is a person or firm of auditor(s) who is a qualified and…

Q: When planning to perform an audit, an accountant must have a clear understanding of audit risk and…

A: Audit risk refers to those risks which the auditor states while there in is an inappropriate opinion…

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.