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: 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: If performance materiality increases, what impact would it have on the amount of evidence required…

A: Auditing is an important activity undertaken by almost every organization. It helps increase the…

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: Which of the following is appropriate about risk assessment? A. The assessed level of inherent and…

A: Risks are the unfavourable situations or circumstances that can make loss for the organisation or…

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: 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: 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: 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: 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: Question 1 To what does the following relate: The Internal Auditors perform random testing on…

A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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: 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: Explain the difference of an audit of specialized industries and other in

A: Auditing refers to the process of collecting and checking all the financial documents of a company…

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: Of the objectives of internal controls, which are the auditors most concerned about: a. Compliance…

A: The accounting and auditing procedures utilized by a company's finance department to guarantee…

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: .How do auditors gain an understanding of an entity's internal control.

A: Step 1 The auditor uses the understanding of internal control to detect potential misstatements,…

Q: true when the auditor determines the client has a low risk of material

A: First option is wrong because risk of material misstatements is judged not only based on the…

Q: 1) Which of the following statements is the most accurate?     a. Data analytics can be…

A: Tool for analyzing the data set in a systematical manner. An auditor can use the data analytics tool…

Q: Which of the following presumptions is correct about the reliability of evidential matter?

A: The correct answer is : (C) Effective internal control provides more assurance about the reliability…

Q: Which of the following is an incorrect statement?       a. The amount of audit work should vary…

A: The person that analyzes the books of the company is known as the auditor. The auditor checks all…

Q: The auditing assesses the reliability and sufficiency of the information through _____________ a.…

A: The auditing assesses the reliability and sufficiency of the information through _____________ .

Q: Which of the following risk types increase when an auditor performs substantive analytical audit…

A: Analytical Audit Procedures: Analytical procedure is a method by which standard balances are…

Q: Which of the following aspects of an audit examination is not related to the performance principle?…

A: The audit is a process wherein the books of accounts are examined and checked so as to check their…

Q: d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as…

A: Internal Auditing is also Known as Operational auditing   Answer: TRUE   Reason : Operational Check…

Q: audit function: a) Risk assessment provides a framework for allocating limited resources to achieve…

A: Risk: It refers to the price paid for earning maximum returns. In business risk there is probability…

Q: Which of the following audit techniques would most likely provide an auditor with the least…

A: Effective Internal control will satisfy company objectives.  Internal controls will identify and…

Q: Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit…

A: Audit procedures are the processes, techniques and methods that auditors perform to obtain audit…

Q: Audit evidence obtained through inquiry of management about proper segregation of custodianship and…

A: Solution Reliability of audit evidence The reliability of audit evidence shall be considered based…

Q: What types of audit procedures are typically performed in testing operating effectiveness of…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…