Give me four paragraphs on why time and budget constraints can affect the quality of audits

Evaluating data reliability is a critical part of the audit process. Explain the differences among the following in terms of reliability: Data from internal versus external sources.

Discuss the differences between a first-party, second-party, and third-party audit. Discuss the importance of data accuracy and integrity in a quality information system.  What are the purposes of quality documentation systems? What would be the foremost characteristics of an acceptable sampling plan for critical defects?

1. List three reasons management may ask for an operational audit to be performed and explain how the audit program would be impacted by each of them. 2. Explain the importance of identifying risk factors and using them during the planning phase. 3. Give two examples where document inspection is a useful technique to examine operational risks and related controls. 4. Explain professional skepticism and why it is important for all auditors. 5. Explain the acronym CCCER. 6. What are the defining characteristics of persuasive audit evidence? 7. What are the key characteristics of well prepared working papers? 8. What do internal auditors mean when they refer to the nature, extent, and timing of audit procedures? 9. What information should be included in a well designed final assurance engagement communication? 10. What actions regarding assurance engagement observations must the internal audit function take after the final engagement communication is disseminated?

Do you have sample executive summary for internal audit report?  (Can be a template if you have one.)

If performance materiality increases, what impact would it have on the amount of evidence required to be collected during an audit?

The following are concepts discussedin this chapter:1. Preliminary judgment about 7. Estimated total misstatementmateriality in a segment2. Control risk 8. Planned detection risk3. Risk of fraud 9. Estimate of the combined4. Inherent risk misstatement5. Risk of material misstatements 10. Acceptable audit risk6. Known misstatement 11. Performance materialitya. Identify which items are audit planning decisions requiring professional judgment.b. Identify which items are audit conclusions resulting from application of audit procedures and requiring professional judgment.c. Under what circumstances is it acceptable to change those items in part a. after theaudit is started? Which items can be changed after the audit is 95% completed?

Operational auditing has grown in importance over the last few decades.   a. Define operational auditing. b. Who are the major users of operational audit reports. c. List the phases of an operational audit.

The audit report was recently expanded from the previous six paragraph format. The new format includes a section on key audit matters. This was an attempt to narrow the expectations gap. Discuss the expectations gap and whether you think the new audit report is likely to have any significant effect.

Which of the following types of evidence would an auditor most likely examine to determine whether internal control is operating as designed?Select one:   a. Client records documenting the use of computer programs. b. Gross margin information regarding the client’s industry. c. Confirmations of receivables verifying account balances. d. Anticipated results documented in budgets or forecasts.