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

Q: What are the Generally Accepted Auditing Standards? List and briefly explain them.

A: GAAS (Generally Accepted Auditing Standards) is indeed a set of standardized rules used among…

Q: What is operational auditing? How does the AICPA view operational auditing?

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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 contents of an audit plan?

A: Audit plan: It can be defined as the specified guideline to be followed by the auditor at the time…

Q: What procedures do auditors perform to identify subsequent events?

A: Subsequent Event: Subsequent events refer to those events that take place after the preparation of…

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: What is the general objective of audit planning?

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

Q: hat are the factors upon which reliable and relevant audit evidence depends o

A: Information that backs up and corroborates management's financial statement declarations or internal…

Q: what are the different types of audit documents?

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

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

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: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: How to Determine Materiality in Audit?

A: solution concept materiality means the amount or figure that is able to affect the judgement or…

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 ‘modified wording’ in an audit report? What are the different types of modified wording and…

A: Introduction;- Modified opinions are the types of audit opinions that issue to entity’s financial…

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 are the purposes of preliminary analytical procedures and how does it differ from the…

A: Lets understand the basics. Auditor is responsible for making a correct opinion regarding the…

Q: What is meant by the terms nature, timing, and extent of further audit procedures?

A: Audit procedure: To determine the quality and accuracy of the financial information provided by the…

Q: What is an audit, and why are audits performed?

A: An audit is assessing vouchers, books of accounts records to see that they are accurately and…

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: Discuss the difference categories of audit procedure and how they are being categorized

A: Audit procedures are those processes or policies which are used by auditors for checking and…

Q: What exactly is included inside an audit plan?

A: This question explains about an audit plan

Q: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

A:

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: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: Elaborate types of Audit reports?

A: The report which is prepared on the results of the auditor's examination is called an audit report.…

Q: Explain the concept of audit and its objectives

A: Audit means checking, examining and verifying the authenticity of financial information and…

Q: What are the two types of standard audit reports?

A: Introduction: According the auditor's standard report, financial statements presents an entity's…

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 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 section of the IAASB are the functions of an external audit located?

A: The general meaning of the term external audit can be understood to any audit which is performed by…

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: Explain the relationship betweenaudit objectives and theaccumulation of audit evidence.

A: Auditing: Auditing is defined as the independent verification and examination of the financial…

Q: Distinguish between auditing andaccounting.

A: The Difference between auditing and accounting are listed as follows:

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…

Q: How does a very material GAAP issue affect the Audit Report?

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…