what is Advantages of the Standard Audit

Q: What’s in an audit?

A: Audit definition -  Audit is an independent examination of financial information of an entity…

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

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: 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: What is an external auditor?

A: Auditor is a person who audits the accounts of the business.

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 are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

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: 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: 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: 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: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: What are the relative merits and disadvantages of a current system survey?

A: System Survey: System survey is defined as the process of determining the elements of information 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: What is the connection between audit sampling and audit data mining?

A: Audit sampling is the method in which audit procedure are performed on less than 100% data. In…

Q: In what ways can independent verification occur?

A: Independent Verification of business activities of a company can be done various ways. Some of them…

Q: What is an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented…

Q: What is IT auditing?

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

Q: What are the benefits of audit planning?

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

Q: When can an audit of IT be performed without directly interacting with the system?

A: Auditing:   It is a systematic verification of the books of accounts of an organisation by an…

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: 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 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: 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 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: How is Audit Risk calculated?

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

Q: n planning an audit?

A: Auditors Responsibility is to plan the audit of financial statements so that it helps the auditor to…

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: the reason why we use different materiality thresholds for different audits?

A: Different materiality thresholds are relevant for each audit engagement because various industries…

Q: what are Audit Assumption

A: Answer: The audit that is conducted is such that there are assumptions made.

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: What is the purpose of the client’s performance measurementsystem? How might that system be useful…

A: Indicate the purpose of the client's performance measurement system and explain the way in which…

Q: what is audit going concern?

A: Going concern is an accounting term for a company that is financially stable enough to meet its…

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 characteristics should audit evidence have?

A: It is about the two key features of the audit evidence, based on which the appropriateness content…

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…