Whare are the advantages of internal goverment audits?

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

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: 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: Why audit is a systematic process?

A: Audit: It is an examination of the financial statements of the company. It helps in determining…

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: Whare are the disadvantages of internal goverment audits

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

Q: need for independent audits

A: Independent Audit means independent examination of accounting books and records by practicing…

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: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

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: 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 key audit matters affect the model of the audit report?

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

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

A:

Q: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

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 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: What does an auditor's assessment of Detection Risk determine?

A: Detection risk is a component of audit risk. Detection risk is the possibility that a material…

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 primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

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: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

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: 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: What is the importance of knowing the Transaction Cycles in Auditing?

A: Audit is a process in which auditors has to find out whether the financial statements are present…

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 role does the audit trail play in the task of confirmation?

A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…

Q: What are the components of Audit Risk? Use the Audit risk equation and briefly explain the…

A: Audit risk means the risk that the auditor gives an inappropriate audit opinion  when the financial…

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 is the major difference between auditing services and assurance services?

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

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 are the primary reasons for conducting an evaluation of an audit client’s internal control?

A: An evaluation of internal control involves an examination of the effectiveness of associate…

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: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

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…