What is the difference between an external audit engagement and a Review Engagement, please explain.

Q: What is operational auditing? How does the AICPA view operational auditing?

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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: 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: 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: hat are the factors upon which reliable and relevant audit evidence depends o

A: Information that backs up and corroborates management's financial statement declarations or internal…

Q: What should an auditor do prior to accepting an audit engagement?

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Q: Discuss how the process of collecting audit evidence in a CBIS is fundamentally different from the…

A: Evidence gathered during the audit: Audit evidence is documentation in the form of receipts,…

Q: Discuss how the process of obtaining audit evidence in a CBIS is inherently different than in a…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: the difference between the principles and application in auditing?

A: The answer for the theory question on the difference between the principles and application in…

Q: Differentiate between the audit strategy and the audit plan.

A: audit strategy refers to how the audit is conducted and it sets the scope, extent, and timing of the…

Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?

A: The study and verification of a company's financial data is described by as audit in accounting. An…

Q: What is the primary requirement for audit workpapers besides being written?

A: Audit work-papers are the outcome of the documentation process. These are the evidence and documents…

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…

A: Introduction: Independence in auditing refers to the auditor being independent from the business…

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 lapping and discuss how the auditorcan uncover it. Under what circumstances…

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Q: Discuss the difference categories of audit procedure and how they are being categorized

A: Audit procedures are those processes or policies which are used by auditors for checking and…

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: Introduce and explain the principles of independence and objectivity, and explain how they apply to…

A: Principle of INDEPENDENCE -  This principle states that the auditor should perform independently…

Q: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: What is the purpose of an audit strategy memorandum? What information should it contain?

A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

Q: What would be the audit resolution in case there is a difference of opinion in the engagement team?…

A: Auditing is the process of checking and verifying the accuracy and authenticity of books of accounts…

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: Explain the difference between an external audit engagement and a Review Engagement.

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

Q: What type of assurance is given in a Review engagement?

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

Q: Explain the concept of audit and its objectives

A: Audit means checking, examining and verifying the authenticity of financial information and…

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 should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

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

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Q: Explain the relationship betweenaudit objectives and theaccumulation of audit evidence.

A: Auditing: Auditing is defined as the independent verification and examination of the financial…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? A . Qualifi ed

A: There are different types of audit opinion  1) Qualified 2) Adverse  3) Unqualified

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 is audit going concern?

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

Q: benefits associated with properly aggregating audit.

A: Auditing is a process of collecting sufficient appropriate evidences so as to enable the auditor to…

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: Help me understand the distinction between an external audit and a Review Engagement.

A: This question explains about the distinction between an external audit and a Review Engagement.

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

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Q: "Other information" is a term that has been used in the audit opinion. An explanation is needed.

A: Introduction: Auditing is the process of evaluating the financial statements of a business entity in…