When and How internal audits are carried

Q: Discuss with examples, what are substantive audit procedures.

A: Substantive procedures are audit exams or methods by which products by an auditor to evaluate the…

Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: pes of audit confir

A: An audit confirmation is a common test that is performed in the completion of most audits. ... This…

Q: What tasks do auditors perform during audit planning, and what techniques are used?

A:

Q: What are the roles of internal and external auditors?

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

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: Explain the responsibilities of an auditor in relation to subsequent events.

A: Subsequent events   Events that occur after the date of financial statements and before the date of…

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: auditing procedures

A: Auditing procedures are the procedures done by auditor to check the genuineness of balances of…

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

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

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: 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: 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: 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: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: Discuss Theories related to auditors independence

A: An auditor is a person or a firm authorized by the respective institutes to review the various…

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 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: Can the work of internal auditors be used by external auditors?

A:

Q: Which of the following audit is a continuous process ? Risk Management Internal Audit Balance Sheet…

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

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: Differentiate Internal Audit from External Audit.

A: Auditing refers to checking books of documents with an intention to express a reasonable opinion on…

Q: Define Institute of Internal Auditors.

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

Q: What are the professional guidelines for auditors in external auditing

A: External Auditor is the one who reviews the company financial information as well as reports on…

Q: Explain the types of auditor’s reports.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: detail about audit strategy and audit plan along with their importance in audit and assurance…

A: Audit strategy refers to the combination of the audit approach which is to be used. Management of…

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: Explain the content of audit report.

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

Q: What section of the IAASB are the functions of an external audit located?

A: The general meaning of the term external audit can be understood to any audit which is performed by…

Q: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

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: 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: Describe the role and responsibilities of auditor.

A: Auditor:The person who is considered responsible for assessing the credibility of the financial…

Q: situations involving auditor reports-

A: Audit reports are issued by auditors to express his opinion regarding the truthiness and fairness of…

Q: distinguish efficiency and effectiveness in operation audit performed by an internal auditor

A: Internal auditor is a person who provides audit services to the organization while working…

Q: Summarise current audit practices

A: The current audit practices are -

Q: process and steps involve in internal execution

A: Internal auditing is a process in which the internal controls and accounting processes are checked…