What is IT auditing?

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: What’s in an audit?

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

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

Q: How can data analysis be used to identify stakeholders?

A: Stakeholder analysis involves the study of identifying, collecting, and analyzing data on different…

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: Do the auditors have a specific goal in mind?

A: Definition: Auditing is a systematic procedure in which an auditor reviews financial statements,…

Q: What is an external auditor?

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

Q: What is the relationship between tests of controls and substantive tests?

A: Audit Planning:   Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What is the relationship between Internal Control and Substantive Testing?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

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: what is Advantages of the Standard Audit

A: Standard audit The audit conducted based on Generally Accepted Accounting Standards that are issued…

Q: What is the purpose of testing Internal Controls?

A: Definition:   Tests of controls: Tests of controls form the part of audit procedures to be…

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: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: What are the characteristics of Substantive Tests?

A: Audit Planning: Audit planning is the first step in the auditing process. Auditor gathers all the…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: How can analytical procedures be performed in audit planning?

A: Analytical procedures:   Analytical procedure refers to a financial audit procedure that helps an…

Q: In what ways can independent verification occur?

A: Independent Verification of business activities of a company can be done various ways. Some of them…

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 hedging?

A: SOLUTION:- Hedging  refers to shielding of  investments. A hedge is an investment method which aims…

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: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

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: What is sensitive analysis?

A: Sensitive analysis is a method for predicting the outcome of a decision if a situation turns…

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: what is a validity check?

A:

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

A: Going concern assumption is one of the concept of accounting, under which it is assumed that the…

Q: What are Substantive Procedures?

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

Q: n planning an audit?

A: Auditors Responsibility is to plan the audit of financial statements so that it helps the auditor to…

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 is the confirmation process?

A: Confirmation Process: Confirmation process refers to the process for the authentication of the…

Q: what are Audit Assumption

A: Answer: The audit that is conducted is such that there are assumptions made.

Q: What is an audit program

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

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…