What are the relative merits and disadvantages of a current system survey?

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: Which Variable Is most critical in Sensitivity Analysis?

A: Sensitivity analysis helps to analyze the project by considering different variables. It helps…

Q: How is audit strategy mapped out?

A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…

Q: What are the broad classes of facts that need to be gathered in the system survey?

A: Accounting Information System: AIS collects, records, stores and processes accounting and other data…

Q: In general terms, how does IFRS for SMEs differ from full IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: How is sensitivity analysis used to cope with uncertainty in decision making?

A:

Q: What information does the audit team typically document in an attributes sampling application?

A: Sampling: Sampling allows an individual obtain the information about the population of interest in…

Q: What are the different variables in sensitivity analysis?

A: Answer: Under a given set of expectations, a sensitivity analysis describes the way different values…

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 are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: What is a scenario analysis? What is it designed to show, and how does it differ froma sensitivity…

A: Scenario analysis is the technique of analyzing the portfolio to find out the expected value of…

Q: Who should determine and prioritize the critical applications? How is this done? How frequently is…

A:

Q: what is Advantages of the Standard Audit

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

Q: is profile measurement and analysis? What are the limitations of this approach?

A:

Q: How has the advent of the electronic spreadsheet affected the use of sensitivity analysis?

A: Sensitivity analysis:

Q: How will you collect, classify and present statistical data?

A: For statistical analysis, there are several methods used to gather or collect data. Three of the…

Q: What are the two primary factors that are difficult to estimate in sensitivity analysis?

A: Answer: Sensitivity analysis is commonly used in determining the interactions in a system or even a…

Q: Which of the following relationships between types of analytical procedures and sources of…

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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 deficiencies in IRR can be overcome by using MIRR?

A: Introduction : Internal rate of return, commonly referred to as the IRR, can be understood as the…

Q: How does the use of scenarios differ from sensitivity analysis?

A: Sensitivity analysis and scenario analysis are the assessment techniques that are used in investment…

Q: What is Sensitivity Analysis and why is it useful?

A: The sensitivity analysis is utilized to comprehend the impact of a lot of autonomous factors on some…

Q: What are the benefits of audit planning?

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

Q: why to conduct feasivility study

A: Forecasting by financial analysts assists management in determining appropriate ways to attain the…

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: When are Analytical Procedures required?

A: Definition:   Audit evidence: The piece of evidence provided by the audit team to prove their…

Q: Explain briefly how a sensitivity analysis is done and what the analysis is designedto show.

A: The question is based on the concept of a sensitivity analysis, which is a very common analysis used…

Q: What do you mean by sensitivity analysis?What are the setting and the constraints of the sensitivity…

A: Sensitivity analysis is an analysis in finance, which used to help in an evaluation of that how an…

Q: sensitivity analysis

A: The sensitivity analysis represents the more reliable source of prediction. It helps the managers to…

Q: What are some strengths and weaknesses of sensitivity analysis and scenario analysis?

A: Sensitivity Analysis determines how the dependent variable changes when the independent variable…

Q: What factors affect sample size?

A: Definition:   Sampling: Sampling allows an individual to obtain information about the population of…

Q: What does the EMH imply for the use of technical and fundamental analysis?

A: The efficient market hypothesis (EMH), as a substitute called the efficient market theory. It is a…

Q: What are some of the key documents that may be reviewed in a current systems survey?

A: Current System Survey:   Current system survey is conducted to discover the root cause of reported…

Q: What is the relationship between Evidence and Detection Risk?

A: Detection risk is the risk that an auditor will not find a material misstatement in a client's…

Q: What procedures are involved in the conduct of a turnaround program?

A: The term "turnaround management program" refers to the restructuring and renewal of a company. When…

Q: what does the sensitivity analysis look like?

A: Sensitivity analysis:Sensitivity analysis is a process of evaluating how various values of an…

Q: What advantage does scenario analysis have over sensitivityanalysis?

A: In finance, we are required to analyze the change in value of one variable over the change in the…

Q: What are some strengths and weaknesses in the  AIS system and ways to improve any weaknesses…

A: AIS stands for Accounting information system which is a method based of computer used through…

Q: research methodology?

A: Research methodology is a technique which is used to identify, select, analyze the information.…