How will you explain the Auditing Process to someone who has experience in Auditing firm?

Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: Can you tell me more about what find of company or business has work called: "Different types of…

A: Audit means independent verification of books of accounts to ensure accuracy and reporting of…

Q: What is the role of audit planning in an audit? In an audit, how do you convey your understanding of…

A: Auditing is defined as the examination of a company's books of accounts by an auditor to determine…

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: How will you explain the Auditing Process to a layman?

A: Auditing is the process of checking and verifying the books of account of the business.

Q: How will you explain the Auditing Process to someone with experience in Auditing?

A: Auditing: An audit looks at your company's financial records to make sure they're correct. This is…

Q: As part of the engagement team, what specific audit procedure/s will you focus on and why? (Power…

A: The audit engagement of any business firm or industry includes various audit procedures to be…

Q: How would you describe the process of auditing to layman

A: Auditing is the process of checking and verifying books of account and financial statement of…

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: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

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

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: How would you describe the Auditing Process to someone with experience in Auditing firm?

A: Audit can be defined as the verification, examination, and evaluation of the financial information…

Q: Explain the role that auditing standards have with respect to the auditor exercising reasonable care…

A: Since an auditor needs to issue a reasonable assurance on the accuracy of the client's financial…

Q: Discuss how important is the risk assessment stage in audit engagements? Explain what audit…

A: The risk assessment stage is very important in an audit, as it gives the auditor an idea on the risk…

Q: The following is an example of a CPA firm’s quality controlprocedure requirement: “Any person being…

A: Auditing: Auditing is the thorough verification of the books of accounts of an organization to test…

Q: Considering the competence of a firm should include consideration of whether the audit firm…

A: The auditor should have necessary competence to carry out the audit work of the client. If he has no…

Q: How to explain the Auditing Process into a layman?

A: Auditing is the process of checking and verifying books of account

Q: Which of the following statements is true of auditing?

A: Auditing is basically defined as the examination of the financial activities taken place and to…

Q: What form of internal control documentation will an auditor likely use when they are not personally…

A: An Auditor is the person qualified as a Chartered Accountant who takes care of Audit.

Q: Define and explain auditing. What would you answer if asked by a communications major, “What…

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

Q: You have been asked by the audit manager to undertake preliminary analytical procedures. a)…

A: Analytical Procedures It is important for the Auditors include the analytical procedures in the…

Q: o obtain an independent audit and what is the purpose of the Audit Report?

A: Introduction to Independent audit : An independent audit is an audit that is conducted for the…

Q: How does audit planning assist in the conduct of an audit? How do you explain the knowledge of the…

A: Audit is defined as examining the books of accounts by an auditor in order to check whether or not…

Q: The audit director in charge is available for consulting and he approves the audit engagement before…

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

Q: As an internal audit explain how you applied it in your company?

A: In order to evaluate the true and fair financial position of the company, an internal auditor is…

Q: Which of the following audit approaches is most likely to provide an auditor the most confidence in…

A: The analytical approach is adopted by the company in order to assure that at the end of the…

Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…

A: Answer:-  Internal audit meaning:- An organization's internal control includes corporate governance…

Q: What examples can be explained as the type of technical training and proficiency auditors must have…

A: The auditor must have adequate technical training and proficiency to perform the audit. the…

Q: Describe the users of audited financial statements and the decisions that they need to make based on…

A: Users of Financial statements: When referring to users of financial statements, we're talking about…

Q: what are business risks associated with an entity that an auditor should consider when performing an…

A: answer   Business risks associated with an entity that an auditor should consider when performing an…

Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: What are the professional guidelines for auditors in external auditing

A: External Auditor is the one who reviews the company financial information as well as reports on…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing:  The process by which effectiveness and efficiency of business operations are…

Q: Assume that you are a senior on an audit engagement and need to explain to your intern/trainee what…

A: Answer: Concept: Audit engagement is the agreement between the auditor and the business to perform…

Q: You are an audit student who has been invited to attend an interview for a graduate training program…

A: An audit evidence may be obtained by an auditor using following  audit procedures: Inspection It…

Q: What are the objectives of an audit risk assessment? Explain why a risk assessment performed during…

A: Audit risk assessment is such a procedure which are all performed for the purpose of understanding…

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

Q: Briefly describe the key requirements included in professional auditing standards regarding the…

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

Q: Critically evaluate the reality of auditor indpendence and the arguments for and against the role of…

A: Auditing refers to a process of evaluating the fairness and correctness of financial accounts by the…

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…

Q: which element of the quality control does this procedure affect and what is the purpose of the…

A: Auditing:   Auditing is the thorough verification of the books of accounts of an organization to…

Q: Why it is important to have auditing standards? Specifically, why are ethics important to the…

A: Auditing is the term which is defined as examination as well as investigation of the financial…