Discuss why an understanding of legacy system technologies is of some importance to auditors.

Q: How can Embedded Audit Modules in software be utilized in an audit?

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

Q: Why is it important that auditors familiarize themselves with the acquisition and expenditure Cycle

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

Q: How to audit PPE?

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

Q: Issues that can be caused by the following risks: Execution risk Strategic risk Technology risk…

A: Operational risk management (ORM) is characterized as a continuous cyclic process that comprises…

Q: Explain why auditors obtain writtenrepresentations and identify thekey components of…

A: Written Representations: The document that assures particular matters and serves as supporting…

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 are some advantages of using IT and audit software when conducting an audit?

A: The audit can be defined as the independent examination of internal control, accounting records, and…

Q: Discuss how the process of obtaining IT audit evidence is inherently different than it is in a…

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Q: Discuss the reason of why an understanding of legacy system technologies is of some importance…

A: Legacy System: Legacy system refers to the outdated computer system whose data is used even in…

Q: A CIS environment exists when a computer of any type o. size is involved in processing of an…

A: Answer: CIS is defined as one of information system which is based on computer information system.…

Q: software

A: Ans. Their are various benefits of using audit engagement management software few of them are…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: The system experts perform the design and implementation phases of the system development life…

A: Accountants are involved in the creation of systems in three ways. The first is that accountants are…

Q: Explain the normal process an auditor would expect to find in the client's systems. governing…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Explain the purposes and benefits of audit documentation software.

A: Purpose of audit documentation are: To provide a basis for planning the audit. The auditor may use…

Q: Why auditors gather evidences?

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: Explain the function of standards andmeasurements in economy, efficiency, andprogram results audits.

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

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: What very important precautions must be taken during the data conversion procedures?

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Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

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Q: Audit concerns and implications on risk assessment are two important factors that must be addressed…

A: For the needs of AUS, a CIS atmosphere exists once a computerized Associate in Nursing sort or size…

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

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Q: what is Strategic Systems Auditing and how it apply to the company?

A: Strategic System Auditing While adopting the strategic system auditing procedures which helps to the…

Q: The system experts perform the design and implementation phases of the system development life…

A: A system development lifecycle is considered as the process of developing a system for the…

Q: What are the objectives of auditors in auditing data management?

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Q: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: Requirement: Explain the implications of the above issues and your responsibility as an auditor.

A: Implications of the above issue:  GAAP is the generally accepted accounting principles i.e…

Q: Explain the importance of documentation by the systems programmers.

A: Documentation:   Documentation refers to maintain a set of documents by a technical person in the…

Q: Explain the importance of audit documentation please

A: Introduction:- Audit is to ensure that the companies financial statements are free from all material…

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: If accountants are viewed as providers of information, then why are they consulted as system users…

A: System development process includes designing, developing, testing, and maintaining of systems. In…

Q: Describe the key components of maintaining auditor independence.

A: Auditor independence: Auditor's independence means audit is conducted by the auditor in an unbiased…

Q: Discuss the theories to auditor independence

A: An auditor is someone who verifies the accuracy of a recorded transaction. The auditor must ensure…

Q: Explain why auditors gather evidences?

A: Auditing is a process of examining the financial statements of the client. The auditor provides an…

Q: What is the purpose of a systems analysis, and what type of information should be included in the…

A: Definition:   System analysis: System analysis is a course of action to gather the information…

Q: What is the audit team’s goal in performing them in an attributessampling application?

A: Attributes sampling involves selecting a small number of transactions from the given population of…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: Why Accountants should be involved in the detailed design and implementation of the system…

A: System Development Life Cycle:   The system development life cycle is a set of series or systematic…

Q: How can internal auditors achieve practical independence?

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Q: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…

Q: Explain audited value.

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