Why do you think independence in form and in substance is a requirement in external auditing?

Q: What are examples of some of the independence requirements by the AICPA concerning external…

A: Independence ensures that auditors don't have any financial interest in the firms in which they are…

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: What are the conceptual phases of an audit? How do they differ between general auditing and IT…

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

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: The Responsibilities principle requires that auditors be responsiblefor having appropriate…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: How might financial incentives in the form of client services unconsciously introduce auditor bias…

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

Q: What types of matters would result in the auditors’ report being modified for consistency?

A:

Q: What is directional testing? How does directional testing relateto the appropriateness of audit…

A: Auditing means the process in which the books of the company are audited by a person. The person…

Q: cornerstone of the auditing profession?

A: internal external concern are convoluted when nominal independent division of a firm provide…

Q: What steps has the external auditing profession taken to minimize potential bias toward independent…

A: The auditors are appointed to provide their opinion on the financial reports examined. The auditor…

Q: Is the audit opinion applicable to the "other information" as well? *

A: Auditing: The official verification and scrutiny of financial statements is known as auditing. The…

Q: t an audito

A: The temptation to interpret data in a way that supports assumptions might seduce an audit and derail…

Q: Distinguish between independence in fact and independence in appearance. Can auditors be independent…

A: Independence in fact means when the auditor is actually independent and not working as the puppet of…

Q: Give some instances of the dangers to the independence of an external auditor in your explanation.

A: This question deals with the dangers to the independence of an external auditor in your explanation:…

Q: the difference between the principles and application in auditing?

A: The answer for the theory question on the difference between the principles and application in…

Q: What is vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

Q: 1. Why is audit firm culture important in ensuring that individual audit engagement partners resolve…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: What is an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented…

Q: Which of the following ideas is NOT included in the "Purpose" section of the Principles Underlying…

A:

Q: How does the quality of audit evidence vary depending on who has provided it?

A: Audit evidence is primarily the data and accounts of the client and its associated third parties,…

Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…

A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…

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: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

A:

Q: Why is it desirable to design tests of details of balances beforeperforming tests of controls and…

A: It is desirable to design tests of details of balances before performing tests of controls and…

Q: Explain what is meant by the term acceptable audit risk. Whatis its relevance to evidence…

A: Accepted Audit Risk:- When the auditor is willing to take risk of giving an unqualified opinion for…

Q: What would be the audit resolution in case there is a difference of opinion in the engagement team?…

A: Auditing is the process of checking and verifying the accuracy and authenticity of books of accounts…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: Explain the difference between an external audit engagement and a Review Engagement.

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

Q: What must an auditor understand with respect to internal auditors?

A:

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: re internal controls required even if an auditor doesn't plan to rely on them in his audit? Explain.

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: How has the Sarbanes–Oxley Act attempted to ensure that external auditors will be completely…

A:

Q: Describe what is meant by an audit procedure. Why is it importantfor audit procedures to be…

A: Step1 The audit is the independent examination of the financial statements of the entity and whether…

Q: What are the advantages and disadvantages of a qualified audit opinion

A: Qualified Audit opinion :- Qualified Audit Opinion is the opinion of the Auditors on Financial…

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

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: Under what circumstances are external auditors likely to beinvolved in operational auditing? Give…

A: Operational Audit: An operational audit refers to the review of any aspect of the operating…

Q: Critically evaluate whether the manner in which the market for the supply of audit services is…

A: An audit is the study of an organization's financial report - as presented in the annual report - by…

Q: Why is it necessary to evaluate the attributes of audit evidence? Explain

A: The information gathered by an auditor to determine the correctness and conformity of a…

Q: How does evidence contribute to conducting a complete and ethical audi

A: Audit entails conducting an official inspection of a company’s books of accounts. The inspection and…

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: Determine whether or not a person is really independent. Is it possible for auditors to be really…

A: This question deals with  whether or not a person is really independent:

Q: Critically evaluate whether the manner in whic

A: An audit is the examination of an organization's financial statements - as provided in its annual…

Q: What is an audit program

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

Q: advantages and disadvantages of a qualified audit opinion

A: Audit opinion is 4 types that are Unqualified opinion- In the opinion of independent auditor…

Q: Do you believe the internal audit activity should be independent? Explain.

A: