Why is an auditor’s independence so essential?

Q: Why is an internal audit important?

A: Internal auditors structure an organization's monetary guard dogs. They are entrusted to…

Q: How would a mid-size audit be impacted by the fact that the corporation is a tiny member of a huge…

A: An audit is the examination or inspection of various books of accounts by an auditor followed by…

Q: Is the principles for recognizing revenue the same in government accounting and accounting for…

A: The principle of revenue recognition is an accounting principle which states that revenue should be…

Q: What sources are used by the auditor to gather information toassess fraud risks?

A: An auditor is an entity who is allowed to inspect and check the accuracy of financial reports and…

Q: How will the conduct of an audit of a medium-sized company beaffected by the company’s being a small…

A: Materiality is explained as the magnitude of misstatements that have been made individually. On the…

Q: What are the audit process applied by auditors in the mining sector? Elaborate

A: An audit is an "independent examination of monetary data of any entity, whether or not profit bound…

Q: Compare and contrast Management Reports from Financial Reports

A: To run a successful business, it is necessary to prepare and review both Management reports as well…

Q: What is corporate governance? Explain the 4 P’s of corporate governance.

A: Governance relates explicitly to the arrangement of rules, controls, strategies, and goals set up to…

Q: What do auditors do if they find that applicable accounting principles are not being met when…

A: Any organisation, as we all know, requires certain standards and procedures to be followed.…

Q: Discuss any three ethical values that are required in an accountant as well as in an auditor.

A: Ethical values can be explained as values that help an individual or an organization in functioning…

Q: Explain risk auditing?

A: The term audit is frequently used to refer to an inspection of an income report. A financial audit…

Q: Write a note on “ Relationship between auditing and risk assessment” and cover both aspects of…

A: Auditing refers to the inspection of specific business functions and assesses whether business…

Q: What are the differences and similarities in audits of financial statements, compliance audits, and…

A: A financial statement audit usually refers to the term audit. A financial audit is an objective…

Q: In the conduct of audits of financial statements, it would be a seriousbreach of responsibility if…

A: Financial statements are described as the reports on the liquidity, performance, and financial…

Q: Why do people get audited?

A: Audit is the review or inspection of the different books of records by an auditor followed by a…

Q: What does the statement mean?

A: Ans. The following statements talks about the benefits of social media as it is clearly visible from…

Q: How can the Asset and Liability Management Committee can proactively manage the liquidity risk…

A: Asset and liability management is a method used by financial organizations to reduce financial risks…

Q: How can confidential data and information (such as the wages of individual employees) be kept…

A: Manager is the one who manage the company and is responsible for all the parts of company.  Manager…

Q: Describe the advantages and disadvantage of including administrators and staff in an organization…

A: Auditors use audit procedures to determine the quality of financial information provided by their…

Q: How does the Code of Ethics help the professional accountants and professional information system…

A: A Code of ethics is a set of principles that was followed by all the members of the organization to…

Q: As the auditor for the financial statements for the year ended 2020 for South32 Limited, are there…

A: Non-review administrations given by inspectors to their customers fall into three classifications:…

Q: What policies and procedures would you suggest Karen implement to prevent fraud at B&B?

A: Fraud is main of the major problem faced by many organizations and stores of all kinds and sizes.…

Q: Discuss the benefits and drawbacks of including administrators and staff in an organization's…

A: Audit procedures are used by the auditors to determine the quality of the financial information…

Q: What is Management Reporting? Explain its purpose.

A: Management reporting itself defines as the systematic procedure of presenting any information or…

Q: Write a note on Relationship between corporate governance and auditing

A: Corporate governance is the mixture of several processes, laws or rules in which business firms are…

Q: Identify the three major differences between financial and operational auditing.

A: Financial Auditing- Financial auditing is conducted to provide an opinion on whether a financial…

Q: You are a manager in a renowned textile group; during the routine audit, you come to know some…

A: Business always deal with money. Money management is not an easy task. There is always some…

Q: What controls can be implemented to prevent or detect the fraud?

A: Controlling can be characterized as the executives' capacity, which assists with looking for…

Q: What’s is accounting? How do companies use information from their accounting systems and statements?

A: Accounting supplies businesses with a variety of data related to their operations. It's usually…

Q: What is a management information system (MIS)?

A: Advancements in technology and increased digitalization in recent years have led to the introduction…

Q: Which is better a management accountant or a financial accountant? explain

A: Accounting is basically a branch that deals with keeping records and then using those records to…

Q: explain why obtaining of understanding of the entity and its environment in such situation would be…

A: The auditor must understand the Hotel entity and its atmosphere to assess the risk of material wrong…

Q: What is the importance of an internal audit?

A: Internal auditing is a very important function of an organization and is considered as a valuable…

Q: Distinguish among the following three risks: risk-free interest rate,business risk, and information…

A: Risk-free interest rate: By investing in the treasury securities of government of United States, the…

Q: Management in today’s corporate world has developed a habit of acting on their own interest rather…

A: Yes Mr. Ama Yaw is correct in keeping an opinion that the auditor review towards the financial…

Q: How should CPA's evaluate risks to integrity and objectivity when considering providing gifts to…

A: CPA: The CPA refers to the Certified Public Accountant and it is a designation provided by the…