Obtaining an understanding of an entity's internal control is more likely to be performed more extensively in the audit of specialized industries than in other industries. a. True b. false

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…

A: Reliability of data in an audit environment refers to the extent to which the data are usable for…

Q: The tem

A: Audit engagement basically refers to the engagement of audit services that audit and audit’s clients…

Q: If an analytical procedure confirms audit findings from other procedures, it provides persuasive…

A: Solution concept                 analytical procedure means the procedure of comparing the…

Q: For each of the following, determine how the effectiveness of the entity's internal control affect…

A: a)  As the entity's internal control is more effective. Auditor would assess less level of material…

Q: Determine which of the following is most correct statement regarding the reliability of audit…

A: Auditing refers to the process of physically inspecting all the financial records of an entity or an…

Q: Why is it important to manage conflicts during audit engagements and reporting?

A: Auditing is the verification of the financial statements of the entity so that the company will…

Q: The objective of dual-purpose tests is to: A. Test internal controls as well as transactions and…

A:

Q: What are considerations you will observe in evaluating the internal control of an audit engagement?…

A: Internal control refers to the activities performed by the management of the organization to ensure…

Q: n audit procedure designed to evaluate the operating effectiveness of controls in preventing or…

A:

Q: If the auditor is unable to rely on the IT general controls or application controls of a client,…

A: Correct option is D. Control risk as high   If the auditor is unable to rely on the IT general…

Q: An important responsibility of the external auditor is the establishment and maintenance of internal…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: Discuss briefly: - An audit’s main limitations

A: An audit is an independent and systematic examination of an organization's financial records,…

Q: Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that…

A: Assessing the reliability of audit evidence: The reliability of audit evidence would increase when…

Q: In performing a risk-based audit, when developing audit recommendations, the IT auditor should: a)…

A: A risk-based audit is one that priorities and assesses risks in order to identify the organisational…

Q: the susceptibility of an account balance or class of transactions to misstatements that could be…

A: Internal controls: Internal controls are maintained to decline the possibility of fraud. They ensure…

Q: Discuss how the process of obtaining IT audit evidence is inherently different than it is in a…

A:

Q: Which of the following is not required by generally accepted auditing standards?a. Written…

A: Generally accepted auditing standards (GAAS): These are defined as the set of general principles and…

Q: With respect to an audit, which of the following is not a risk assessment procedure?  Analytical…

A: Risk assessment procedureThe risk assessment procedure is one of the audit procedures which are…

Q: Which among the following is not a major purpose of onsite fieldwork conducted by the auditor as a…

A: The fieldwork consists of examining the risks involved in processes, evaluation of internal controls…

Q: An auditor’s preliminary control risk assessment is at a high level. Which of the following are…

A: Solution Explanation - The preliminary assessment of control risk is the process of evaluating the…

Q: Evaluating data reliability is a critical part of the audit process. Explain the differences among…

A: Internal data is internal to the company as the name suggests. It gives an insight on company's…

Q: Discuss how the process of getting IT audit evidence differs fundamentally from the method of…

A: Audit Evidence: Audit evidence is the proof in the form of receipts, invoices andother documents…

Q: auditor obtains sufficient understanding of the internal control structure

A: Auditing is done to verify whether the underlying financial statements show true and fair view of…

Q: Question: Obtaining an understanding of an entity's internal control is more likely to be performed…

A: Introduction: Internal controls are a system of preventative measures set up to make sure that no…

Q: which of the following is correct about the appropriateness of evidence? A. Audit evidence from…

A: Audit is the process of checking the financial statement and identifying the errors and…

Q: If the auditor uses the primarily substantive apporach instead of the lower control risk approach…

A: Control risk is one of the risk related to material misstatements in books of accounts in the…

Q: The risk that material errors will not be detected is directly controllable by the auditor through…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: What form of internal control documentation will an auditor likely use when they are not personally…

A: An Auditor is the person qualified as a Chartered Accountant who takes care of Audit.

Q: Inherent risk and control risk differ from detection risk in which of the following ways? A.…

A: Inherent risk is the risk of misstatement of financial statements due to factors other than flaws in…

Q: The objective of the auditor is to plan the audit so that it will be performed in an effective…

A: Audit is a sort of examination which is conducted to check the accuracy of the statements of an…

Q: During substantive procedures, performing analytical procedures satisfies which primary audit…

A: Substantive Procedures Inspection techniques or strategies used to identify or avoid errors in…

Q: When obtaining an understanding of an entity’s internal control, an auditor should concentrate on…

A: An entity's board of directors, management, and other people are the ones who carry out the process…

Q: Identify the differences between internal audit and external audit

A: Audit is an independent examination of books of accounts and records of an entity. Size of the…

Q: In which of the following circumstances would an auditor expect to find that an entity had…

A: Definition: Audit: Audit is the process of verification of the compliance of the financial…

Q: Internal documentation and external documentation are two sorts of audit evidence that should be…

A: Internal documentation consists of the following: Internal documentation is created inside a…

Q: Determine which of the following is most correct regarding the reliab O Relatability of audit…

A: Auditing refers to the process of physically inspecting all the financial records of an entity or an…

Q: Continuous assurance auditing will send signals or messages deviated from an audit limit or…

A: Continuous assurance auditing is an automated process that runs on a regular basis to provide…

Q: Risk assessment procedures include

A: The first statement is false because the risk assessment procedures are the audit procedures to…

Q: Why do you think that inherent and control risk is responsible for the audited company(client) and…

A: Audit means checking, verifying and examining all the financial records and information to ensure…

Q: Why is it desirable to design tests of details of balances beforeperforming tests of controls and…

A: It is desirable to design tests of details of balances before performing tests of controls and…

Q: What is sufficiency and appropriateness of audit evidence? List out few sources of audit evidences.

A: Sufficiency means audit evidences should be in sufficient quantity to form an opinion on the…