What information would you expect to find in a current audit file?

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

A: The answer:

Q: When reviewing a current audit file, what should you look for?

A: A financial audit is a review of financial accounts to ensure they are accurate.

Q: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

Q: List the management reports and computer files that can be used for audit evidence. What information…

A: Audit Evidence:   Evidences obtained by auditor after applying various audit procedures to verify…

Q: Discuss with examples, what are substantive audit procedures.

A: Substantive procedures are audit exams or methods by which products by an auditor to evaluate the…

Q: pes of audit confir

A: An audit confirmation is a common test that is performed in the completion of most audits. ... This…

Q: What are the contents of an audit plan?

A: Audit plan: It can be defined as the specified guideline to be followed by the auditor at the time…

Q: How will you explain the Auditing Process to someone with experience in Auditing?

A: Auditing: An audit looks at your company's financial records to make sure they're correct. This is…

Q: what are the different types of audit documents?

A: Audit documentation is the record of procedures performed, evidence obtained, and conclusions…

Q: What are some advantages of using IT and audit software when conducting an audit?

A: The audit can be defined as the independent examination of internal control, accounting records, and…

Q: How long must audit workpapers be maintained?

A: Definition:   Audit planning: Audit planning includes the designing of audit strategy for the…

Q: How do Analytical Procedures assist the auditor?

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

Q: developing and evalueting audit documentation

A: Audit documentation is the way of recording the audit plans, procedures and findings in a working…

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: How can analytical procedures be performed in audit planning?

A: Analytical procedures:   Analytical procedure refers to a financial audit procedure that helps an…

Q: What are the stages of an audit from beginning to end.

A: The Auditing is an independent examination of financial statements of an organization whether Profit…

Q: What is ownership of and right of access to documentation? Why do you think that in the audit…

A: Meaning of the documentation is that is a printed paper that contains all the original , legal and…

Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: How is the audit risk model used to plan the audit?

A:

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

A:

Q: What are the types of audit procedures used during substantive testing, briefly explain them.

A: Substantive testing is indeed an auditing method that looks for mistakes in financial statements and…

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

Q: What steps are used by auditors to find out what happened after the first audit?

A: Answer: Audit is the independent check of the financial statements to give true and fair opinion.

Q: What are the objectives of auditors in auditing data management?

A:

Q: Which of the following is a category of audit documentation? Current file Permanent file Audit…

A: Auditing involves an independent examination of an entity's financial information with a view to…

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 are post-audits? When are they conducted?

A: Post-audits: Post-audits is the process of comparing the actual progress of the project with the…

Q: ing and extent of the evidence play a critical role. What do these terms refer to in relation to…

A: Paper containers such as packages, envelopes, and bags will be used to gather the majority of the…

Q: what are techniques you will use to obtain the sufficient appropriate audit evidence?

A: Audit refers to the form of examination or inspection of various accounting books of a company by an…

Q: how many types of Audit Evide

A: Answer: Audit evidences are the set of documents or supporting that are collated to justify the…

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: Explain why auditors gather evidences?

A: Auditing is a process of examining the financial statements of the client. The auditor provides an…

Q: What section of the IAASB are the functions of an external audit located?

A: The general meaning of the term external audit can be understood to any audit which is performed by…

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: What is the ULRD? What information does the ULRD provide to the audit team?

A:

Q: Why is it necessary to evaluate the attributes of audit evidence? Explain

A: The information gathered by an auditor to determine the correctness and conformity of a…

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has…

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

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 does auditors examine?

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

Q: What is check kiting? How might auditors detect kiting?

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