Whose property are audit documentation (audit workpapers)? In what form must they be?

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: What’s in an audit?

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

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: As an auditor, how would you audit the following Internal Control Revenue

A: Answer: Auditor is the person who audits the financial statement to present independent opinion. The…

Q: Under what law is a registration statement filed?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

Q: What is a post-audit, and what is the purpose ofthis audit?

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

Q: discuss the process of auditing the following transactions/accounts: • Revenue Recognition •…

A: The audit definition or notion may be described as the validation of particular accounting…

Q: Discuss how the process of collecting IT audit evidence is fundamentally different from the method…

A: Introduction: In a financial audit, audit evidence is evidence gathered by auditors throughout the…

Q: what are the different types of audit documents?

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

Q: How long must audit workpapers be maintained?

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

Q: What is the auditor’s role with respect to the fixed asset system?

A: Definition: Fixed Assets: It refers to the long-term assets having a useful life of more than a year…

Q: What is the purpose of the Audit Committee?

A: Definition:   Audit committee: Audit committee is a committee formed to oversee the financial…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: Discuss how the process of getting IT audit evidence differs fundamentally from the method of…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoices andother documents…

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: Meaning and difference between the permanent audit file and the current audit file?

A: Permanent audit files: Permanent audit files are the records that are used to preserve the documents…

Q: What is the purpose of the inspection process created by the Sarbanes-Oxley Act?

A:

Q: What are the rules and procedures for the inspection parties?

A: Inspection parties are part of the auditing that check documents and transaction as per the applied…

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: Explain what is meant by the Single Audit Act. What is its purpose?

A: Single Audit Act refers to the auditing of organization's wide financial statement and federal…

Q: What is the purpose of dual dating the auditor’s report?

A:

Q: what are used as evidence and the purpose of each type of document

A: Types of documents and purpose of the document as evidence.   1.Physical examination: A physical…

Q: how key audit matters affect the model of the audit report?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: note taking and documentation play

A: Note taking and documentation is taking record of what has been observed or heard or came to notice…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

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: What should be included for the Auditor's address?

A: Auditor's address should be mentioned in the Auditor's report. The city and state where the auditor…

Q: What is the relationship between the audit of property, plant, andequipment accounts and the audit…

A:

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: Which method(s) are required for external reporting? For internal reporting?

A:

Q: What are the major differences between the audit of prepaid expensesand other asset accounts such as…

A: Given: The difference between the prepaid expenses audits and the other assets accounts.

Q: What are Substantive Procedures?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

Q: What is the purpose of a registration statement?

A: Registration statement is a legal document which is filed with the SEC to register securities for…

Q: What are the auditor’s responsibilities for ‘going concern’?

A: Going-concern: It can be defined as the principle of accounting that is based on an assumption that…

Q: How is independent verification carried out in a manual revenue system, and give an example?

A: Verification is a process under which the confirmation is made by the auditor related to the actual…

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

A: