Why auditors gather evidences?

Q: What is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

Q: What is an external auditor?

A: Auditor is a person who audits the accounts of the business.

Q: what are the different types of audit documents?

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

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: For what reasons do auditors obtain an understanding of a client’s internal control?

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

Q: Why audit is a systematic process?

A: Audit: It is an examination of the financial statements of the company. It helps in determining…

Q: How do Analytical Procedures assist the auditor?

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

Q: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

Q: What are the different types of auditors

A: Audit: It is an independent examination of the books of accounts of the company to ascertain the…

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: What are the components of audit risk and how do these relate to each other?

A: Audit risk refers to the possibility that financial statements are significantly incorrect, even if…

Q: Why is communication an important skill of an auditor?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: how many types of Analytical Procedures in auditing

A: Introduction:- Analytical Procedures in auditing:- Audit procedures are the processes, techniques,…

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: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

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: Audit tests and fraud?

A: For any company auditor is appointed to give an opinion on the financial statements, whether they…

Q: s how auditor's independence might impact 'audit quality'.

A: Auditor's independence is one of the key characteristics to be followed by the auditor during the…

Q: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

Q: What role does the audit trail play in terms of configaration?

A: Audit trail is a series of documents, files or other evidence of accounting transaction which are…

Q: How is the audit risk model used to plan the audit?

A:

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: What is the purpose of performing preliminary analytical procedures in audit planning?

A:

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: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: How might an auditor's individual characteristics affect his or her professional judgments about…

A:

Q: What is the difference between assurance services, attestation services, and auditing services?

A: Auditing: Audits are analyses and examinations into a particular area of your business. Information…

Q: How does audit risk relate to audit evidence?

A: Audit Evidence   The information obtained by the auditor from numerous sources (finance records,…

Q: What is the importance of knowing the Transaction Cycles in Auditing?

A: Audit is a process in which auditors has to find out whether the financial statements are present…

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

Q: How does the source of evidence affect its reliability?

A:

Q: define auditor?

A: Auditor is the person who is responsible for audit work. Audit means checking, verifying and…

Q: What role does the audit trail play in the task of confirmation?

A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…

Q: What is business risk? and How does it affect audit risk?

A: Business Risk: Business risks are elements which have an adverse effect on the performance and…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: Explain why auditors gather evidences?

A: Auditing is a process of examining the financial statements of the client. The auditor provides an…

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: How can internal auditors achieve practical independence?

A:

Q: why each audit evidence is important?

A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…

Q: Does computerization of data processing affect the objective of financial statement audit? Discuss.

A: Auditing is the process of verifying, and assessing the financial statements of a company through…

Q: What does auditors examine?

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

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…

Q: Whare are the advantages of internal goverment audits?

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

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.