What is the difference between document examination and reperformance when conducting tests of controls?

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: Delineate the protections that may be used to limit or eliminate risks to the independence of the…

A: When the internal and external auditors' work is not influenced by any party that has an interest in…

Q: Distinguish between tests of controls and substantive testing.

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Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: What is the difference between Test of controls and Substantive procedures, give an example of each…

A: An audit assesses the integrity of a company's financial statements as well as the efficacy of its…

Q: What is the relationship between tests of controls and substantive tests?

A: Audit Planning:   Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What is the relationship between Internal Control and Substantive Testing?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

Q: What are the components of the risk of material misstatement (RMM)? What are the components of the…

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Q: Must the overall understanding of internal control always be followed by assessment and…

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

Q: Differentiate between tests of controls and substantive testing and the relationship between the two…

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Q: What is the audit team’s objective in obtaining an overall understanding of internal control in…

A: Auditing: The analytical process of evaluating and assessing the accounting information furnished…

Q: What are some factors that complicate the post-audit process?

A: Capital projects are selected by using capital budgeting techniques. Post audit refers to evaluation…

Q: How do you determine if Control Procedures are operating properly or not operating properly?

A: Controls are the procedures set up by the organization to ensure that the financial and operational…

Q: What is ‘modified wording’ in an audit report? What are the different types of modified wording and…

A: Introduction;- Modified opinions are the types of audit opinions that issue to entity’s financial…

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

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

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

Q: How can you explain the difference and connection of the Test of Controls and Substantive Testing

A: Both are further audit procedures

Q: What is lapping? What procedures can auditors employ to detect lapping?

A: Lapping: It refers to a type of accounting fraud that involves the hiding of misappropriated or…

Q: nd

A: Control Environment. The phrases "control environment" and "internal control environment" are…

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 purpose of sampling in auditing? Why is it relevant in performing test of controls and…

A: Audit sampling is an investigative technique in which a sample of fewer than 100% of the total items…

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 are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

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

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Q: reporting of control procedures required

A: There are few reasons why control measures are required in reporting. Some of them are as below.

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What is meant by a “top-down” approach to evaluation of internal controls?

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Q: What is the upper limit on misstatements? What information does it provide the auditor?

A: A Misstatement is a statement having concealed facts or misleading information regarding the facts,…

Q: What tests may be conducted for identifying unauthorized program changes?

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Q: CONTRAST THE CIRCUMSTANCES IN WHICH THE AUDITOR WOULD CHOOSE NOT TO TEST CONTROLS WITH THOSE IN…

A: The test of controls in auditing are the procedures used by the auditors to evaluate the internal…

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 meant by the control environment? What are the factorsthe auditor must evaluate to…

A: Control environment is an internal control environment . It ensures the overall attitude, awareness…

Q: What is the concept of reasonable assurance? What are the key limitations of an internal…

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Q: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

Q: Give examples of tests of controls to test theoperating effectiveness of internal controlsin the…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…

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: Discuss limitations to establishing the system of internal controls at organization.

A: Internal controls are those rules and procedures established by a company to ensure the correctness…