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

Q: What are the conceptual phases of an audit? How do they differ between general auditing and IT…

A: Audit: An audit is an organized and self-regulated inspection of books of accounts. This inspection…

Q: How is audit strategy mapped out?

A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…

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 procedures do auditors perform to identify subsequent events?

A: Subsequent Event: Subsequent events refer to those events that take place after the preparation of…

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: what are the different types of audit documents?

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

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: In the auditor's current audit documentation files, what is regarded to be the most significant…

A: Right now, we're working on the following documents: The term "current files" refers to collecting…

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 does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: How to Determine Materiality in Audit?

A: solution concept materiality means the amount or figure that is able to affect the judgement or…

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 vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

Q: What is meant by the terms nature, timing, and extent of further audit procedures?

A: Audit procedure: To determine the quality and accuracy of the financial information provided by the…

Q: What is considered the most important content of the auditor’s current audit documentation files?

A: The audit staff working on the engagement prepare an audit scheme according to the audit procedures…

Q: How does the quality of audit evidence vary depending on who has provided it?

A: Audit evidence is primarily the data and accounts of the client and its associated third parties,…

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

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

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 ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

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: 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: 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: Elaborate types of Audit reports?

A: The report which is prepared on the results of the auditor's examination is called an audit report.…

Q: what does audit Evidence consist?

A:

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: Do you know what the auditor's current audit documentation files contain?

A: This question dells with  the auditor's current audit documentation files contain

Q: audit risk

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

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 is audit going concern?

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

Q: why each audit evidence is important?

A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…

Q: essentially describe what materiality means in the context of the audit.

A: The most typical type of audit is a financial statement audit. A financial audit is an objective…

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: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…

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…