What is the purpose of WWWWHH (WHEN, HOW MANY, HOW) in carrying internal audit.

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: Discuss with examples, what are substantive audit procedures.

A: Audit procedures are the steps that auditors take to gather all information about the quality of…

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: internal audit

A: Why Internal Audits ar vital Internal auditing programs ar essential for observation and reassuring…

Q: How long must audit workpapers be maintained?

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

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: How does HanaTour use the data it collects from the audit to increase the security of its data?

A: HanaTour : It is the largest travel company in Korea. The main business of HanaTour is providing…

Q: What steps of independent verification does the general ledger department perform?

A: The general ledger of an organisation is maintained by the general ledger department. The recording…

Q: developing and evalueting audit documentation

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

Q: scribe the m

A: External Audit is the audit done by auditors appointed by the shareholders, who give audit report…

Q: Justify the purpose of performing a financial statement audit and an internal control audit.

A: Introduction: The audit reviews a financial statement that verifies that all financial transactions…

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: What are the three major phases in the audit team's evaluation of internal control? How does the use…

A: Internal control refers to the process that is being affected by the company’s board of directors,…

Q: The steps in planning an audit includes obtaining an understanding of the entity and its environment…

A: Audit Planning Planning is an important part in conducting the Audit work in the organisation.…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

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 are advantages of internal public audit?

A: Given: The advantages of the internal audit in the public sector.

Q: Define what is meant by compliance auditing

A: Auditing: Auditing is the process by which assertions made by management about financial…

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: describe the objective of audits of fi nancial statements, the types of audit reports, and…

A: The main objective of a financial report audit is to enable auditors to re-examine the financial…

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 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: "The audit process oгocess

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: When and How internal audits are carried

A: An internal audit is a kind of audit which provides risk management and assesses the effectiveness…

Q: ne independence and objectivity as it relates to internal audit functi

A: The internal audit function refers to the process of asses the internal functions of a company as…

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 purpose of a digital audit trail?

A: Digital audit trail means that path which is used to trace the actual transactions from the relevant…

Q: Define Institute of Internal Auditors.

A: The Institute of Internal Auditors was established in 1941, the Institute of Internal Auditors…

Q: Explain the importance of audit documentation please

A: Introduction:- Audit is to ensure that the companies financial statements are free from all material…

Q: llows an auditor to perform w

A: As per the AICPA code of conduct (PCAOB ), Which are guidelines issued for CPA ( Auditor) To follow…

Q: What are the three goals of an internal control system according to the COSO report? Which of…

A:

Q: Explain the relationships among audit services, attestation services,and assurance services, and…

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

Q: What are the three major phases in the audit team’s evaluation of internal control? How does theuse…

A: Following are the three major phases in the audit team's evaluation of the internal control and the…

Q: Explain the content of audit report.

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

Q: IAASB defines the role of an external audit as follo

A: Answer: Concept IAASB is board of International Auditing and Assurance Standards Board. They issues…

Q: Explain in your own words the meaning of the terms in the figure from Unit 3 below: Assurance,…

A: An audit refers to a process wherein the auditor examines or inspects numerous books of accounts in…

Q: what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.

A: Internal audit : Internal audit is defined as the audit which evaluates the internal controls 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: distinguish between audit, attest, and assurance services. What is GAAS? Which agency is responsible…

A: The shareholders or investors or management have a keen interest in the organization mainly the…

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…