Whare are the advantages of external goverment audits?

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

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: In other words, does the audit opinion extend to "other data"? I'd want to know more.

A: The term "audit" refers to the practice of examining a company's financial statements to see whether…

Q: What is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

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 are disadvantages of external private audit?

A: External Audit refers to independent examination of financial statements of the organisations. These…

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 is directional testing? How does directional testing relateto the appropriateness of audit…

A: Auditing means the process in which the books of the company are audited by a person. The person…

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: _______________________________is a possible safeguard implemented by the client that might mitigate…

A: Answer: Concept: Audit Independence threat is the threat that are experienced by auditor during the…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

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: Why do you think independence in form and in substance is a requirement in external auditing?

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: Whare are the disadvantages of external goverment audits?

A: Government Audits generally refer to audit of performance of the Government activities with respect…

Q: ______________________is a possible safeguard implemented by the client that might mitigate an audit…

A: Audit: It is the examination of each and every financial transaction. so that auditor can make their…

Q: What is IT auditing?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: Briefly explain the threats to an external auditor’s independence with examples.

A: Auditor:Auditor can be defined as the individual who carry out the process of auditing in the…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: What are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

Q: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

Q: What are advantages of internal public audit?

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

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 do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

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 is the purpose of an audit strategy memorandum? What information should it contain?

A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…

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: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: Explain the difference between an external audit engagement and a Review Engagement.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

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: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards 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 is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…

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…