Whare are the disadvantages of internal goverment audits

Q: Auditors have not been successful in measuring the components ofthe audit risk model. How is it…

A:

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…

A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.

A: Audit opinions are the opinions given by the auditor about the financial statements.

Q: How has the new internal controls placed by auditors effected Sox

A: Answer:-  Internal control meaning:- Internal controls are a company's processes, regulations and…

Q: How might financial incentives in the form of client services unconsciously introduce auditor bias…

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: effectiveness of audit

A: An audit is performed by auditor to express an independent opinion on financial statements whether…

Q: What are disadvantages of external private audit?

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

Q: What is an unqualified opinion in Audit reporting?

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

Q: Why is the audit team more concerned with the risk of overreliance than with the risk of…

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

Q: Why are auditors more concerned with the risk of incorrect acceptance than the risk of incorrect…

A: Definition:

Q: Discuss the audit expectation gap. Your answer should include the following: the main causes of the…

A: Audit expectation gap: The expectation gap is the difference among the actual and real roles and…

Q: What are some factors that complicate the post-audit process?

A: Capital projects are selected by using capital budgeting techniques. Post audit refers to evaluation…

Q: Talk about the Disadvantages of the Occasional Audit

A: As the name itself suggests 'Occasional Audit' is done when there is a requirement, like there is a…

Q: What steps has the external auditing profession taken to minimize potential bias toward independent…

A: The auditors are appointed to provide their opinion on the financial reports examined. The auditor…

Q: Give some instances of the dangers to the independence of an external auditor in your explanation.

A: This question deals with the dangers to the independence of an external auditor in your explanation:…

Q: An internal auditor is examining the effectiveness of procedures management established to protect…

A: "Independent examination of financial information of any company, whether profit-oriented or not,…

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

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: What steps should auditors take if during a compilation engagement they become aware that the…

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

Q: Which of the following would be inappropriate during the risk assessment procedure of the audit…

A: Through an understanding of the entity and its surroundings, the auditor's role is to detect and…

Q: External auditors cannot delegate responsibility for audit decisions to the internal auditors. *…

A: External auditors are not supposed to delegate authority to the internal auditors in respect of…

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: Explain the problems associated with lack of auditor independence.

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…

A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…

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: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

A:

Q: How can an auditor reduce a client’s inherent risk?

A: Inherent risk is the risk of material misstatement assuming there are no related controls. Inherent…

Q: Why do you think that inherent and control risk is responsible for the audited company(client) and…

A: Audit means checking, verifying and examining all the financial records and information to ensure…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Answer -  Correct Option is Option A - Analytical procedures.

Q: Why is it important for an auditor to carefully assess inherent risk on each audit engagement?

A: Definition: Inherent risk is the probability that material errors or frauds have entered the…

Q: Give one reason why performing advisory services could enhance audit quality. Give one reason why…

A: Here discuss about the details of the importance of performance advisory service which are needed…

Q: What is the upper limit on misstatements? What information does it provide the auditor?

A: A Misstatement is a statement having concealed facts or misleading information regarding the facts,…

Q: How does audit risk relate to audit evidence?

A: Audit Evidence   The information obtained by the auditor from numerous sources (finance records,…

Q: s it necessary for an auditor to understand the client's internal control if the auditor does not…

A: Answer: Concept: Audit is independent check of any entity to derive the conclusion which are true…

Q: Audit evidence obtained through inquiry of management about proper segregation of custodianship and…

A: Solution Reliability of audit evidence The reliability of audit evidence shall be considered based…

Q: re internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: Which type of service may not need an audit opinion or review conclusion from auditors? Select all…

A: An audit engagement is an arrangement between an auditor and client to perform an audit and express…

Q: Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the…

A: SOLUTION- AUDIT EXPECTATION GAP- THE AUDIT EXPECTATION GAP OCCURS WHEN THERE IS A DIFFERENCE BETWEEN…

Q: What are the advantages and disadvantages of a qualified audit opinion

A: Qualified Audit opinion :- Qualified Audit Opinion is the opinion of the Auditors on Financial…

Q: Explain why in most instances audit evidence is persuasive rather than convincing

A: Audit is an independent examination of financial statement of an entity to find out that it shows…

Q: A. Explain Differences between Accountancy and Auditing

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: What are the advantages and disadvantages of adverse audit Opinion

A: An adverse audit report is a major warning sign. An adverse audit report typically reveals egregious…

Q: Why should receiving reports be prenumbered in the first place? With the help of the receiving…

A: According to management, this is true. A managerial assertion is a claim made by a company's top…

Q: Which of the following is NOT an assertion relating to 'general presentation and disclosure-related…

A: Management is responsible for the fair presentation of financial statements as per the applicable…

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…