Factors to consider before accepting appointment as chief auditor

Q: Under preconditions of an audit, the management shall provide the auditor with the following,…

A: Preconditions of an audit: Acceptable Financial Reporting Framework based on the entity's nature…

Q: Clarify the difference between an organization's audit committee and its internal audit department.

A: Difference between an organisation's audit committee and internal audit department are the…

Q: roles of internal auditors and external/independent auditor

A: SOLUTION-   INTERNAL AUDITOR- IT IS A TRAINED PROFESSIONAL TASKED WITH PROVIDING INDEPENDENT AND…

Q: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: Explain what accounting documents you must supply to the auditors. What are the statutory audit…

A: The auditor is responsible for the identification of the fraud and errors present in the financial…

Q: Practice question:

A: ANSWER No, I disagree with the statement that ''Having competent technical talents and capabilities…

Q: What terms that must be included in the document prepared by the client

A: Engagement letter is the letter in which auditor defined the audit scope, its terms and other…

Q: Explain how an audit committee could improve its effectiveness on internal auditor's internal…

A: An audit committee is a board of directors committee that is in charge of overseeing the financial…

Q: What auditing services do governmental auditors provide?

A:

Q: Which department is IN charge in overseeing the External Audit Activity?   Audit Committee Internal…

A:

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: Explain the responsibilities of an auditor in relation to subsequent events.

A: Subsequent events   Events that occur after the date of financial statements and before the date of…

Q: When initiating communications with predecessor auditors, prospective auditors should expecta. To…

A: A predecessor auditor is an auditor who conducted the audit for a client in prior periods, but who…

Q: ine the reasons why auditor independence is considered of fundamental importance for confidence in…

A: The independence of the auditor is referred to as auditor independence. It is distinguished by…

Q: How have the Sarbanes–Oxley Act's requirements impacted a public company's ability to choose its…

A: This question explains about the Sarbanes–Oxley Act's requirements impacted a public company's…

Q: What rules must auditors follow for governmental audits?

A:

Q: In the auditor's current audit documentation files, what is regarded to be the most significant…

A: Right now, we're working on the following documents: The term "current files" refers to collecting…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: Critical discussion of the challenges to achieving auditor independence

A: Auditors are usually supposed to offer an objective and competent assessment of the assignment or…

Q: what is the importance of ethical conduct for auditors

A: The moral code that guides employees' behavior in terms of what is right and wrong in terms of…

Q: What is the auditor's obligation in light of the prudent person concept?

A: An auditor is a person who reviews the financial statements of a company and gives his opinion. The…

Q: What questions should be asked by an auditor prior to taking an engagement?

A:

Q: In the context of financial reporting, define the idea of materiality. What is the difference…

A: Financial Statement Importance:- In financial statements, materiality refers to the effect of…

Q: Who develops and implement policy on the engagement of the external auditor to supply non-audit…

A: External auditor is the person outside the organization, who performs the audit services for the…

Q: Financial audit Q&A Auditors also need to consider the subjective needs of users of financial…

A: Auditing involves an independent examination of financial records of an entity with a view to…

Q: Name some other types of auditors in addition to external, internal, and governmental auditors.

A: A forensic auditor is a type of auditor other than the external, internal and governmental auditors.

Q: Discuss the duties and responsibilities of a CPA. Consider why independent auditors' reports are…

A: A Certified Public Accountant (CPA) is a certified accounting practitioner who has the Certified…

Q: What is the parties reported by the auditor that are related to the results of the audit reports…

A: Audit is independent examination of financial statements of any company for the purpose of giving…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.