"The audit process oгocess
Q: Discuss with examples, what are substantive audit procedures.
A: Audit procedures are the steps that auditors take to gather all information about the quality of…
Q: How is audit strategy mapped out?
A: Audit strategy typically means setting scope, time and direction of an audit. Forming an audit…
Q: What is the purpose of WWWWHH (WHEN, HOW MANY, HOW) in carrying internal audit.
A: Internal auditing is a non-partisan, objective assurance and consulting activity that aims to…
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: 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: List and discuss matters of planning thatauditors should consider related to theclient’s computer…
A: Auditing: It is an independent examination of the financial information of an organization to test…
Q: What are c Post-audit Tasks?
A: Post-Audit An audit is a review of a consultant's accounting system, bookkeeping practices, and…
Q: developing and evalueting audit documentation
A: Audit documentation is the way of recording the audit plans, procedures and findings in a working…
Q: Ultimately, is the purpose of an audit trail to follow a transaction from its input through its…
A: Transaction Process System: Transaction process system can be defined as a system designed to…
Q: How does an audit team use materiality on an audit engagement?
A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…
Q: Discuss audit planning.
A: An audit is a type of professional service provided to a customer. The evaluation of accounting,…
Q: What is vouching? Discuss its importance in auditing.
A: Voching is the backbone of auditing
Q: Describe the purpose of an audit. How can the audit experience be viewed as positive?
A: The study and verification of a company's financial data is described by as audit in accounting. An…
Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…
A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…
Q: Continuous Auditing A. Define continuous auditing B. How is continuous auditing different from…
A: Auditing refers to examination of financial records of an entity with a view to ensure that such…
Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…
A: Introduction: Independence in auditing refers to the auditor being independent from the business…
Q: y issues that affect going concern and/or raise issues and explain the audit steps
A: The financial statements are prepared with an assumption that the entity is a going concern in…
Q: Explain
A: Audit is the process of examining and analyzing the financial documents relating to the company’s…
Q: Define what is meant by compliance auditing
A: Auditing: Auditing is the process by which assertions made by management about financial…
Q: Discuss three audit implications of XBRL and the impact of XBRL on data analytics.
A: XBRL stands for "extensible business reporting language" which is a type of electronic language for…
Q: What is the primary key's role in ensuring the audit trail is maintained
A: This question explains about the primary key's role in ensuring the audit trail is maintained.
Q: what information do we need for analytical procedure in auditing?
A:
Q: An audit process is a way of describing what it means to conduct an audit. Is there a reason why…
A: This question explains aboutan audit process is a way of describing to conduct an audit.
Q: The auditing assesses the reliability and sufficiency of the information through _____________ a.…
A: The auditing assesses the reliability and sufficiency of the information through _____________ .
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: audit evidence
A: Dear Student, Indian Standard on auditing 500 deals with " Audit Evidence" . as per this standard…
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: n planning an audit?
A: Auditors Responsibility is to plan the audit of financial statements so that it helps the auditor to…
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 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: Explain the types of auditor’s reports.
A: Auditor's report refers to assessment that provides auditor's opinion on the validity and…
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: Explain the concept of audit and its objectives
A: Audit means checking, examining and verifying the authenticity of financial information and…
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: What role does the audit trail play in the task of confirmation?
A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…
Q: Choose the documents which should be included in the audit documentation a. Summaries of significant…
A: Audit documentation is a detailed records of all the planning activities for the purpose of audit,…
Q: Explain the content of audit report.
A: Audit: Audit is the process of verification of the compliance of the financial statements.
Q: What is the ULRD? What information does the ULRD provide to the audit team?
A:
Q: I Discuss the meaning of sufficient approprate audit evidence 2 Describe the sources of audir
A: Hi Student Since there are multiple questions, we will answer only first question. If you want…
Q: what is audit going concern?
A: Going concern is an accounting term for a company that is financially stable enough to meet its…
Q: 1.What is audit evidence and documentation and give an example
A: Audit evidence - We know that an audit is an independent examination of historical financial…
Q: why each audit evidence is important?
A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…
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: Elaborate auditing process in
A: Auditing: Auditing is outlined as the method of evaluation of the formal financial documents…
Q: Help me understand the distinction between an external audit and a Review Engagement.
A: This question explains about the distinction between an external audit and a Review Engagement.
Help me answer this please. Auditing subject.
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- Ja'Niya, a recent college graduate has started working for Cline CPA Firm. Ja'Niya is currently taking part in her first audit, and is discussing the management letter with her supervisor, Jamie. Jamie has just explained why the CPA firm sends management letters to its audit clients, however Ja'Niya is still confused as to the purpose of the letter and asks Jamie to provide some examples of items that might be in the letter. Which of the following would represent examples of items that an auditor might apprise management of in a management letter? • Generally accepted auditing standards require drafting and transmittal of the management letter by the external auditors for all public and private clients. Once the management letter has been received by management, the auditors' requests written assurances from management confirming the effectiveness of internal controls in the noted areas. • The external auditing firm might use a management letter to communicate important matters and…John Josephs an audit manager for Tip, Acanoe & Tylerto, was asked to speak at a dinner meeting of the local Small Business Administration Association. The president of the association has suggested that he talk about the various phases of the audit process. John has asked you, his trusted assistant, to prepare an outline for his speech. He suggests that you answer the following. Required: A) List and describe the various phases of an audit. B) Describe how audit procedures designed for one purpose might provide evidence for other purposes. Give an example. C) One of the phases involves understanding an entity's internal control. Why might the members of the association be particulary interested in the work conducted by auditors in this phase of the audit?Four friends who are auditing students have a discussion. Evans says that the primary responsibility for the adequacy of disclosure in the financial statements and footnotes rests with the auditor in charge of the audit field work. Mercy says that the partner in charge of the engagement has the primary responsibility. Abdul says the staff person who drafts the statements and footnotes has the primary responsibility. Peter contends that it is the client’s responsibility.
- Identify 3 different factors that may have an impact on the risk of performing the audit (i.e. inherent risk, control risk, etc) and how the factor identified impacts the risk of the audit (i.e. increases/decreases risk). One of your firm's longtime audit clients owns a group of companies and recently added a new addition to the group - Stained Glass Inc - which your firm will be auditing for the first time this year. The manager of Stained Glass Inc, Jennifer, is relied upon by the owner to run the day-to-day operations of the company with minimal oversight. Jennifer's annual bonus is based on a percentage of pre-tax net income per the audited F/S. Jennifer has hired her sister to perform all of the accounting for Stained Glass Inc as Jennifer does not know much about accounting. Additionally, you are told that the bank relies on the audited F/S of the group to make lending decisions.Erica Gray, CPA, is a sole practitioner. She has been practicing as an auditor for 10 years. Recently a long-standing audit client asked Gray to design and implement an integrated computer-based accounting information system. The fees associated with this additional engagement with the client are very attractive. However, Gray wonders if she can remain objective on subsequent audits in her evaluation of the client’s accounting system and its records if she was responsible for its design and implementation. Gray knows that professional auditing standards require her to remain independent in fact and appearance from her auditing clients. Submit a substantive posting of at least 250 words that answers the questions Question 1: What do you believe auditing standards are mainly concerned with when they require independence in fact? In appearance? Question 2: Why is it important that auditors remain independent of their clients? Question 3: Do you think Gray can accept this engagement and…Erica Gray, CPA, is a sole practitioner. She has been practicing as an auditor for 10 years. Recently a long-standing audit client asked Gray to design and implement an integrated computer-based accounting information system. The fees associated with this additional engagement with the client are very attractive. However, Gray wonders if she can remain objective on subsequent audits in her evaluation of the client’s accounting system and its records if she was responsible for its design and implementation. Gray knows that professional auditing standards require her to remain independent in fact and appearance from her auditing clients. Required 1. What do you believe auditing standards are mainly concerned with when they require independence in fact? In appearance? 2. Why is it important that auditors remain independent of their clients? 3. Do you think Gray can accept this engagement and remain independent? Justify your response.
- You are an induction and training officer for Maher Public Accountants, a leading accounting firm based in Dublin, Ireland. You are due to give a training course to a group of newly recruited audit trainees in fraud and error. This is a particularly important course and audit trainees from previous cohorts have acknowledged the benefit of the course in their feedback. The current cohort of audit trainees are particularly interested in understanding their responsibilities and those of the directors in the area of fraud and error. Required:Prepare material for the audit trainees as part of the induction pack which covers the following:(a) Identify and distinguish the responsibilities of the auditor and the directors with regards to fraud. (b) Discuss the steps undertaken by auditors when they detect and suspect fraud. (c) Critically examine the limitations of audit procedures in detecting fraud and error.A. Sandy is a new accounting student in College PTI. She questions the need for and the benefit of an audit, "I am curious to know why we should hire an auditor to audit a company. I thought a company has their own internal auditor. Why should we pay for an extemal auditor services to review our company's financial statements?" Required: a) Explain to Sandy the need for and benefits of an audit of financial statements. b) Discuss TWO (2) differences between external audit and internal audit services.Padma completed her doctoral degree and has taken a position as an assistant professor at a local university. She was given the following performance measures for her new position. Identify whether these goals are long or short term. A. Interact in a fair and impartial way with students. B. Promote and access student academic achievement. C. Counsel students within the norms of society and the regulations of the college. D. Motivate students. E. Effectively plan and organize lectures and labs in accordance with the college course outlines. F. Report class attendance in accordance with the college policy and procedure. G. Serve on academic committees as assigned. H. Make progress toward tenure necessary at her university.
- Mr. Ali al jassai is the audit engagement partner of KP & G Partners, an audit firm based in Muscat. This year the firm got a new client GTG SAOC from Sohar. The finance Director of GTG SAOC company Mr. Aanwar al jassai is the brother - in - law of the audit engagement partner. You are required to identify, which one of the following threats to principle is matching with the above situation. a. Intimidation threat b. Self review threat c. Familiarity d. Advocacy threatDuring an audit class, a student suggests that it might be more cost effective if auditors always set Control Risk at Maximum and then perform the planned substantive tests to collect audit evidence. In which of the following clients audits would the student's suggestion be incorrect if the audit is performed according to the AICPA auditing standards? A) A not for profit charity organization B) A Wall Street Company C) A membership-only companyCourse Name: Auditing (Accounting) Write a concise answer between 500 to 550 words for each question. 3. The form and content of the audit engagement letter may vary for each company. Write a sample audit engagement letter and highlight the key areas .