What are the roles of internal and external auditors?

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

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Q: Compare and contrast the work of an internal auditor and an independent external auditor.

A: An audit report is provided by the independent external auditor of the company that contains the…

Q: What is the difference between an internal auditor and external auditor?

A: Auditing is the process of thorough examination of financial records with an aim to express an…

Q: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: When would an auditor be hired to perform a compliance audit.

A: An independent professional who is responsible for the examination of the financial statements of an…

Q: Elements of an auditor's report? The most important component

A: The auditors report is very important for the company as well as the investor . Auditor  report…

Q: How might an auditor individual characteristics affect his or her professional judgment about…

A: The concept of Materiality refers to the recognition of some matters which either individually or…

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 an external auditor?

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

Q: What is the primary duty of an auditor?

A: Primary duty of an auditor: Primary duty of an auditor is to express an opinion on the financial…

Q: What is the aim of the auditors' view and report

A: Definition  Auditing: Auditing is a systematic procedure in which the auditor reviews financial…

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: What are the three potential tools available to auditors for documenting their understanding of a…

A: The auditor checks the accuracy level in the financial reporting of one entity.

Q: Are the SMEs who follow IFRS for SMEs require external auditors for their financial statements ?

A: External auditors are certified public accountants who checks the company’s accounts and file their…

Q: What is Legal Liability of Auditors?

A: Concerns about the legal obligation of auditors continue to grow daily. Auditors are very important…

Q: What is/are the possible collaboration/s among the Audit Committee, accounting external auditors,…

A: An external audit represents an unbiased examination of the financial statement prepared by the…

Q: How do auditors audit accounting estimates and other subjective information?

A: Accounting estimate is referred to as the recognition or measurement of an account, transaction,…

Q: Define auditing. How is auditing different from accounting?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What are management’s and auditors’ respective responsibilities regarding internal control?

A: Internal control: Internal controls are set by management. it is important to understand that…

Q: A document which the auditor receives from client ,but which was prepared by someone outside the…

A: Auditing is the process of examination or verification of books of accounts of the business in order…

Q: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

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 theresponsibilities of the company’s auditor?

A: An auditor is an independently qualified person who is appointed to give shareholders an…

Q: Can the work of internal auditors be used by external auditors?

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Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

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

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Q: What is the difference between audit and accounting

A: Audit and accounting are two important things in business. Two of them are equally important for…

Q: What is the special function that auditors perform? Whom doesthe external auditing profession serve…

A: Auditing: It is an independent assessment of an organization's financial information to determine…

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

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Q: What is an Audit Committee? How do they Operate and interact with the Auditors?

A: An audit committee is one of the major operating committees of a company's board of directors that…

Q: what are the auditor Rules for Independence regarding the services they can offer the same client?

A: Auditing is the process of evaluation of companies' financial statements and reports by the auditor…

Q: Define Institute of Internal Auditors.

A: The Institute of Internal Auditors was established in 1941, the Institute of Internal Auditors…

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: What is internal control? Why is an auditor interested in a client’s internal control?

A: Internal Control: Internal controls are the mechaniisms, rules, and procedures legally by an…

Q: Explain the types of auditor’s reports.

A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…

Q: How does the role of a traditional accountant differ from internal and external auditor?

A: External auditor is appointed for the examination of financial records of the entity and for…

Q: Do you know what the auditor's current audit documentation files contain?

A: This question dells with  the auditor's current audit documentation files contain

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 audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: Distinguish the role of internal and external auditor

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Q: Describe the role and responsibilities of auditor.

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

Q: external auditors to utilize the work of internal auditors

A: External auditors are auditors appointed by the shareholders to report on the financial affairs of…