What are disadvantages of external private audit?

Q: The "other information" is included in the audit opinion, or is it excluded? Justify your choice.

A: In accounting, auditing is the act of evaluating the financial statements of a corporate entity to…

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: What are advantages of external public audit?

A: External audit relates to the examination of financial records in connection with the financial…

Q: What are the roles of internal and external auditors?

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

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

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: What rules or policies should be developed to avoid ethical fraud issues?

A: Accounting Fraud:   Intentional manipulation of financial statement to create false financial heath…

Q: How can auditors ensure they are receiving authentic documentation, not forgeries?

A:

Q: Advantages/disadvantages of internal and external audit of the public sector.

A: INTERNAL AUDIT   Internal audit means the evaluation of operations, records and procedure of an…

Q: advantages of external private audit?

A: External Private audit: An independent review and investigation of financial statements which are…

Q: What is Legal Liability of Auditors?

A: Concerns about the legal obligation of auditors continue to grow daily. Auditors are very important…

Q: How must an auditor document understanding of Internal Control?

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

Q: What is the link between the internal control environment and accountability?

A:

Q: What should a MNC do to prevent bribery?

A: Bribery is the act of giving or receiving something of value in exchange for some kind of influence…

Q: Whare are the disadvantages of internal goverment audits

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

Q: why is the company unable to obtain sufficient assurance?

A: Here asking about the entity which can't be provide the sufficient assurance to the Auditing…

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: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What are some of the advantages and disadvantages of permitting auditors to provide nonaudit…

A: Advantages to provide non-audit services to the clients are listed as follows: Facilitation in…

Q: Audit tests and fraud?

A: For any company auditor is appointed to give an opinion on the financial statements, whether they…

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 are advantages of internal public audit?

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

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

A:

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: How might an auditor's individual characteristics affect his or her professional judgments about…

A:

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

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: According to IAASB what are the functions of an internal audit?

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

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 are the advantages and disadvantages of disclaimer audit opinion

A: An auditor obtains the reasonable assurance that the financial statements as a whole are free from…

Q: What is business risk? and How does it affect audit risk?

A: Business Risk: Business risks are elements which have an adverse effect on the performance and…

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: 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: 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: 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: What is a service organization? Why would it engage an auditor to report on its controls?

A: A process under which a quality system is inspected, examined, and verified to make sure that it is…

Q: What are the implications of the cautious person notion for the auditor's legal responsibility?

A: This question explains about the implications of the cautious person notion for the auditor's legal…

Q: advantages and disadvantages of a qualified audit opinion

A: Audit opinion is 4 types that are Unqualified opinion- In the opinion of independent auditor…

Q: Do you believe the internal audit activity should be independent? Explain.

A: