How does the quality of audit evidence vary depending on who has provided it?

Q: What are the Generally Accepted Auditing Standards? List and briefly explain them.

A: GAAS (Generally Accepted Auditing Standards) is indeed a set of standardized rules used among…

Q: Does the reporting relationship results in a problem of independence of the internal audit depa

A: Reporting relationship is the term which is defined as the accountability structure within the firm…

Q: What are going-concern uncertainties? What is the auditors’ responsibility for evaluating…

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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 is a post-audit, and what is the purpose ofthis audit?

A: Audit:   An audit is an organised and self-regulated inspection of books of accounts. This…

Q: what each type of audit opinion means?

A: Audit - The audit is the independent examination of the financial aspects of the company. To obtain…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: hat are the factors upon which reliable and relevant audit evidence depends o

A: Information that backs up and corroborates management's financial statement declarations or internal…

Q: what are the different types of audit documents?

A: Audit documentation is the record of procedures performed, evidence obtained, and conclusions…

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 an unqualified opinion in Audit reporting?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: What types of matters would result in the auditors’ report being modified for consistency?

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Q: What is directional testing? How does directional testing relateto the appropriateness of audit…

A: Auditing means the process in which the books of the company are audited by a person. The person…

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: Is the audit opinion applicable to the "other information" as well? *

A: Auditing: The official verification and scrutiny of financial statements is known as auditing. The…

Q: How to Determine Materiality in Audit?

A: solution concept materiality means the amount or figure that is able to affect the judgement or…

Q: What is the primary constraint on audit evidence?

A: Audit evidence is primarily, the data and accounts of the client and its associated third parties,…

Q: Why do you think independence in form and in substance is a requirement in external auditing?

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: What are the purposes of preliminary analytical procedures and how does it differ from the…

A: Lets understand the basics. Auditor is responsible for making a correct opinion regarding the…

Q: What is meant by the terms nature, timing, and extent of further audit procedures?

A: Audit procedure: To determine the quality and accuracy of the financial information provided by the…

Q: One of the uses of audit working papers is to prove the independence of the auditor.  TRUE OR…

A: Audit should prepare audit documentation which provides that audit was performed in accordance with…

Q: Discuss the difference categories of audit procedure and how they are being categorized

A: Audit procedures are those processes or policies which are used by auditors for checking and…

Q: Explain what is meant by the term acceptable audit risk. Whatis its relevance to evidence…

A: Accepted Audit Risk:- When the auditor is willing to take risk of giving an unqualified opinion for…

Q: What are the types of audit procedures used during substantive testing, briefly explain them.

A: Substantive testing is indeed an auditing method that looks for mistakes in financial statements and…

Q: What are key audit matters? How do these affect the format of the audit report?

A: Key audit matters (KAM) refers to matters that are of significance and include complex or difficult…

Q: How are the substantive procedures performed by the audit team related to the objective of MUS?

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Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

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: Why should receiving reports be prenumbered? What assertion would an auditor test using thereceiving…

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Q: under what circumstances, if any, can an audit firm rely on the audit procedures performed by…

A: Yes, an Audit Firm may rely on the Audit Procedures performed by another Audit firm subject to…

Q: In audit reporting, what does an unqualified opinion mean?

A: Answer are as follows

Q: What are the advantages and disadvantages of disclaimer audit opinion

A: An auditor obtains the reasonable assurance that the financial statements as a whole are free from…

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: how many types of Audit Evide

A: Answer: Audit evidences are the set of documents or supporting that are collated to justify the…

Q: What is the major difference between auditing services and assurance services?

A: Audit and assurance both are the process used to analyse and evaluate the financial records of the…

Q: What should be included in an audit engagement agreement?

A: Engagement agreement: Engagement agreement is a type of a contract that is prepared when a new…

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: audit risk

A: Audit risk is the risk that the auditor may gives an inappropriate audit opinion when the financial…

Q: Why is it necessary to evaluate the attributes of audit evidence? Explain

A: The information gathered by an auditor to determine the correctness and conformity of a…

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: Why should receiving reports be prenumbered in the first place? With the help of the receiving…

A: According to management, this is true. A managerial assertion is a claim made by a company's top…

Q: How does a very material GAAP issue affect the Audit Report?

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…

Q: Do you believe the internal audit activity should be independent? Explain.

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Q: "Other information" is a term that has been used in the audit opinion. An explanation is needed.

A: Introduction: Auditing is the process of evaluating the financial statements of a business entity in…