Discuss the objective of eliminating the receiving function.What accounting/audit problems need to be resolved?

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A:

Q: Explain what lapping means, and discuss the internal control deficiency that allows it discuss the…

A: Lapping: It is a type of cash embezzlement or fraud perpetrated by a firm employee. When cash is…

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: Distinguish between the general audit objectives and management assertions. Why are the general…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: Discuss how the process of collecting IT audit evidence is fundamentally different from the method…

A: Introduction: In a financial audit, audit evidence is evidence gathered by auditors throughout 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: Why an internal control system can only provide reasonable assurance on the achievement of an…

A: Internal Control is the process designed, implemented and maintained by those  charged with…

Q: Discuss the audit expectation gap. Your answer should include the following: the main causes of the…

A: Audit expectation gap: The expectation gap is the difference among the actual and real roles and…

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

A:

Q: Discuss how the process of collecting audit evidence in a CBIS is fundamentally different from the…

A: Evidence gathered during the audit: Audit evidence is documentation in the form of receipts,…

Q: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

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: Discuss how the process of getting IT audit evidence differs fundamentally from the method of…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoices andother documents…

Q: Discuss the nonaccounting services that external auditors are no longer permitted to render to audit…

A: Definition: Auditing: In auditing, auditors verify the correctness and fair presentation of…

Q: Internal audit is part of management control methods.  TRUE OR FALSE? WHY?

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

Q: Whare are the disadvantages of internal goverment audits

A: Given: The disadvantages of the internal public audit.

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

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

Q: Explain the problems associated with lack of auditor independence.

A: Auditing: In auditing, auditors verify the correctness and fair presentation of financial…

Q: s

A: Interim reporting : An interim statement is a financial report that covers a period of less than a…

Q: What are disadvantages of internal public audit?

A: Internal public audit refers to evaluation of a company's internal controls and accounting process…

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Answer -  Correct Option is Option A - Analytical procedures.

Q: What would be the audit resolution in case there is a difference of opinion in the engagement team?…

A: Auditing is the process of checking and verifying the accuracy and authenticity of books of accounts…

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

Q: What are potiental constaints/Risks when dealing in Tri Party Account Reconciliation and Process…

A: Tri Party Account Tri Party Account which is deal with the platform to outsource to the collateral…

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: Explain the difference between an external audit engagement and a Review Engagement.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Explain why auditing is important in lowering the risk associated with information.

A: Introduction: Auditing is the practice of reviewing a company's internal controls to determine its…

Q: internal audit function acts as a higher level of control to determine that the internal control…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: What is the difference between an external audit engagement and a Review Engagement, please explain.

A: External audit engagement and a Review Engagement will be explained:

Q: Audit evidence obtained through inquiry of management about proper segregation of custodianship and…

A: Solution Reliability of audit evidence The reliability of audit evidence shall be considered based…

Q: inappropriate during the risk assessment procedure of the audit engagement?

A: First option is wrong because the oral inquiries will help the auditor to procure information…

Q: Which of the following is not a scope of internal auditors? Efficient Use of Resources Should work…

A: Internal auditors are the professionals appointed by the businesses to ensure the operational…

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: Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the…

A: SOLUTION- AUDIT EXPECTATION GAP- THE AUDIT EXPECTATION GAP OCCURS WHEN THERE IS A DIFFERENCE BETWEEN…

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: 2. What is the hindrance of operational audit in your

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A. Explain Differences between Accountancy and Auditing

A: Since you have asked multiple question, we will solve the first question for you. If you  want any…

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

A:

Q: How to ensure that overstatement as well as misstatements of account balances due to redundancy and…

A: Overstatement of account balances means reporting the account balances at an amount above the actual…

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: Generally, which of the following audit procedures is the least expensive to perform?   A.…

A: Analytical procedures are the least expensive audit procedures to perform. Test of controls are…

Q: essentially describe what materiality means in the context of the audit.

A: The most typical type of audit is a financial statement audit. A financial audit is an objective…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…