Answer the following questions : 1. Explain the difference between Accounting and Auditing2. Why auditing is important?3. Explain the basic objective of auditing as provided for in PSA 1204. What are the differences and similarities of the following:Audits of financial statements,• Compliance audit, andOperational audits?5. What are the major differences in the scope of the auditresponsibilities for CPAS, COA Auditors, BIR agents, and internalauditors?

Hi student Since there are multiple questions, we will answer only first question. Accounting and…

Answered: 1. Explain the difference between…

Business

Accounting

1. Explain the difference between Accounting and Auditing

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 8CYBK

See similar textbooks

Related questions

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: Define/explain following terms in your own words: 1). Compliance Audit 2). Difference between…

A: Introduction Compliance Audit 1) The aim of a compliance audit is to determine if the provisions of…

Q: Answer co

A: Error of ommission are those errors which are completely ommited to be recorded in the books of…

Q: difference between financial accounting and management accounting

A: Financial accounting is the process of collecting data to create financial statements. Managerial…

Q: Evaluate the strengths and weaknesses of interpretive accounting theory

A: Interpretive Accounting theory:-Interpretive Accounting theory has evolved and made significant…

Q: Accounting information's integrity is enhanced via audits.

A: This question explains about accounting information's integrity is enhanced via audits.

Q: Describe the role of auditor in accounting.

A: 1. An auditor's responsibility is to give a true and fair view of the financial statements which…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: Which of the following are considered secondary characteristics of accounting information? a.…

A: Accounting information is used by various users for different purposes. The primary characteristics…

Q: Role of Accounting

A: Accounting: Accounting is a process of collecting and organizing financial transactions, analyzing,…

Q: quality of accounting standards?

A: Accounting standards determine thee accounting information must have relevance, must be reliable and…

Q: Explain the main types of audit based on its objectives.

A: Audit: It is an independent examination of the financial information of an organization to test…

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

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

Q: 1. Explain the difference between the social role of accounting and the traditional role of…

A: Accounting is being a vast concept, effected by various internal and external users. Traditionally…

Q: Review the basic assumptions of accounting.

A: Financial accounting structure: A system that records, maintains, and creates reports for the…

Q: nship or differences between Accounting and accountability?

A: Accounting: Every business has various types of transactions like monetary, goods and services. To…

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: are the two fundamental qualities that make accounting information useful for decision making. a.…

A: solution concept Relevance means the information that are relevant for the users of the financial…

Q: What are the Universal Standards in Accounting?

A: Universal standard of accounting is also known as International standard of accounting. The…

Q: What are the two of the qualitative characteristics of accounting information that contribute to its…

Q: Describe the ethics in accounting.

A: Accountants and the accountancy profession exist as a means of public service; the distinction which…

Q: Why does The conceptual framework has been described as an “Accounting Constitution”?

A: The conceptual framework sets the boundary within which financial accounting and reporting takes…

Q: Explain and applyunderlying accountingconcepts, assumptions,and principles

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: Discuss about the accounting policies, selection, relevance, reliability, faithful representation…

A: Accounting policies are specific principle procedures and measures that are used to record,…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

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: How IT can affect accounting field?

A: Accounting is the recording, classifying, analyzing and interpreting of financial transactions…

Q: impact of measurement bases in the usefulness of accounting report.

A: Measurement bases are values used to measure particular items in the financial statements.

Q: Qualitative characteristics of accounting information - Relevance - Reliability - Comparability…

A: The qualitative characteristics of accounting information is useful for decision and reporting…

Q: Explain how and why some changes in accounting principle are reportedprospectively.

A: Changes in accounting principle: A change in accounting principle is said to be a change in a…

Q: How does criminology differ from the study of accounting or auditing?

A: Criminology is a detailed scientific study of various tools that analyzes the root cause i.e. the…

Q: accounting and auditing

A: Accounting is started when the bookkeeping is completed. Whereas, auditing is started when…

Q: Why accounting is an infromation system? Explain with your own point of view with example.

A: Accounting Information Systems helps to perform the tasks in the job of Budget Analysis. An…

Q: Make logical comparison between financial accounting with other fields of accounting ?

A: Accounting It is a process under which financial transactions are recorded ,stored, retrieving ,…

Q: Why is the evidence provided by source documents important to accounting?

A: Source Document Source document are refer as the original record which contains the detail…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: 3. Discuss what fundamental analysis is and its impactions on accounting standards?

A: Fundamental analysis refers to the process of analysis all the desired financial data of a business…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: How does the ethics are important in the accounting?

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

Q: What is the difference between accounting and auditing?

Question

100%

Answer the following questions :

1. Explain the difference between Accounting and Auditing
2. Why auditing is important?
3. Explain the basic objective of auditing as provided for in PSA 120
4. What are the differences and similarities of the following:
Audits of financial statements,
• Compliance audit, and
Operational audits?
5. What are the major differences in the scope of the audit
responsibilities for CPAS, COA Auditors, BIR agents, and internal
auditors?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following best describes the relationship between auditing and attestation engagements Select one: a. Auditing is a subset of attestation engagements that focuses on providing clients with advice and decision support. b. Attestation is a subset of auditing that provides lower assurance than that provided by an audit engagement. c. Auditing is a subset of attestation engagements that focuses on the certification of financial statements. d. Attestation is a subset of auditing that improves the quality of information or its context for decision makers
Define/explain following terms in your own words: 1). Compliance Audit 2). Difference between Auditing and Accounting
Which of the following best describes the relationship between auditing and attestationengagements?a. Auditing is a subset of attestation engagements that focuses on the certification of financial statements.b. Attestation is a subset of auditing that provides lower assurance than that provided by anaudit engagement.c. Auditing is a subset of attestation engagements that focuses on providing clients withadvice and decision support.d. Attestation is a subset of auditing that improves the quality of information or its contextfor decision makers
2. Provide examples of important audit objectives for complex financial instruments and transactions. For each audit objective that you identify, list one or more audit procedures that could be used to accomplish that objective.
Which of the following is not required by generally accepted auditing standards?a. Written representations.b. Attorney letter.c. Management letter.d. Engagement letter
Question No. 2. What are the similarities and differences between external auditors and internal auditors?
1. Explain the concepts of materiality and audit risk and the relationship between them? 2. Differentiate between the audit strategy and the audit plan. 3. Explain the term ‘analytical procedures’ and outline the different types of analytical procedures available to the auditor indicating situations in the audit when they can be used.
The following are the three types of audits according to subject matter, excepta. Financial statements auditsb. Operational auditsc. Compliance auditsd. External audits The following are the three types of audits according to auditor, excepta. External auditsb. Internal auditsc. Governmental auditsd. Performance audits The following statements relate to auditing in general. Which is false?a. Compliance audits and independent financial statement audits are similar in nature.b. Evaluating the efficiency and effectiveness—which depends on how they are defined—of operationsof an entity is subjective.c. Both a and bd. Neither a nor b
Answer the below: What do you understand by attestation services? Discuss the responsibility and functions of CPA. Why independent Auditors' Reports are usually required? What type of information usually discussed in this report?
1) Name and describe the main tasks, duties or powers of the PCAOB. 2) What is audit risk? 3) What is materiality and how is it used or applied by the auditor.
: A. Explain Differences between Accountancy and Auditing B. Talk about the Disadvantages of the Occasional Audit