Explain how PCAOB inspections can lead to improvements in audit engagement quality.

Q: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Evaluate the value of the internal audit function to an organization's overall performance.

A: Introduction: The audit is defined as the evaluation and analysis of the financial statements and…

Q: Delineate the protections that may be used to limit or eliminate risks to the independence of the…

A: When the internal and external auditors' work is not influenced by any party that has an interest in…

Q: Discuss the differences between a first-party, second-party, and third-party audit.

A: The first-party audit is also known as internal audits. This is performed by internal audit…

Q: According to IAASB what are the functions of an external audit?

A: IAASB is an independent body that sets the standards for auditing practices, quality control,…

Q: Discuss the relationship between quality control and generally accepted auditing standards.

A: Audit: Audit is the process of verification of the compliance of the financial statements.

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 the process of obtaining audit evidence in a CBIS is inherently different than in a…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoice and other documents…

Q: Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the…

A: Auditing is described as a process in which the audit team or the individual auditor examines the…

Q: need for independent audits

A: Independent Audit means independent examination of accounting books and records by practicing…

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: Audit morality includes moral sensitivity, moral judgment, moral motivation, and moral character.…

A: Auditing morality or the ethical auditing is done to measure the company’s qualitative data, which…

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 an audit trail and explain how it can beaffected by the client’s integration…

A: Audit trails are the manual or electronic records that chronologically catalog events or procedures…

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

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Q: Define what is meant by compliance auditing

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

Q: Explain the circumstances when an auditor needs to assess the components of the audit risk model…

A:

Q: Define control risk and explain the role of control risk assessment in audit planning.

A: Three types of risks in auditing: Inherent Risk Control Risk Detection Risk Control Risk: It is…

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 how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

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: Understand the importance of planning the audit engagement so that it is conducted in accordance…

A:

Q: Compare and discuss the impact of the business environment on the internal audit risk assessment

A: The process of risk assessment helps in identifying and analyzing risks so that the objectives of…

Q: When a substantive audit strategy is adopted, an auditor will O determine internal controls are…

A: The question is related to Auditing and is of Substantive audit Strategy. Substantive audit Strategy…

Q: Describe the key components of maintaining auditor independence.

A: Auditor independence: Auditor's independence means audit is conducted by the auditor in an unbiased…

Q: Explain the relationship betweenaudit objectives and theaccumulation of audit evidence.

A: Auditing: Auditing is defined as the independent verification and examination of the financial…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

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: Explain the terms 'audit software' and 'test data' and list the advantages of using CAATs in an…

A: Audit software is computer program which is designed to assist in examine and testing clients…

Q: distinguish efficiency and effectiveness in operation audit performed by an internal auditor

A: Internal auditor is a person who provides audit services to the organization while working…

Q: benefits associated with properly aggregating audit.

A: Auditing is a process of collecting sufficient appropriate evidences so as to enable the auditor to…

Q: auditor is able to rely on previous audits' assessments

A: In some cases, auditor may have to place reliance on the work done by the previous auditor or other…

Q: Explain how SOX has affected audit firms.

A: Basically, SOX was enacted to build confidence in the financial markets and tried to eliminate…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

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.

Q: Performance auditing is oriented primarily toward * Past protection provided by existing external…

A: Auditing refers to inspection of a particular organisation or we can say company.It is mainly on…

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…