what information do we need for analytical procedure in auditing?

Q: What is operational auditing? How does the AICPA view operational auditing?

A:

Q: Who will benefit from an audit strategy memo? Is there anything specific that needs to be included?

A: The answer:

Q: When reviewing a current audit file, what should you look for?

A: A financial audit is a review of financial accounts to ensure they are accurate.

Q: . Why do you need to make pre - engagement activities before making an actual audit?

A: At the beginning of audit engagement the auditor should undertake the following activities -  1)…

Q: In other words, does the audit opinion extend to "other data"? I'd want to know more.

A: The term "audit" refers to the practice of examining a company's financial statements to see whether…

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

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: How does Real Time Processing affect an audit?

A: Real-time data processing is the program for running multiple rows and columns of data during a…

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: How do Analytical Procedures assist the auditor?

A: Analytical procedures:   Analytical procedures are the examination of the financial statements. The…

Q: What are the different types of analytical procedures? Describe how they may be utilized in an audit…

A: Analytical methods : Analytical processes are the techniques used by auditors to analyze the…

Q: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

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: What are the components of audit risk and how do these relate to each other?

A: Audit risk refers to the possibility that financial statements are significantly incorrect, even if…

Q: What should an auditor understand with respect to Information and Communication on an audit?

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What is the connection between audit sampling and audit data mining?

A: Audit sampling is the method in which audit procedure are performed on less than 100% data. In…

Q: What is IT auditing?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: how many types of Analytical Procedures in auditing

A: Introduction:- Analytical Procedures in auditing:- Audit procedures are the processes, techniques,…

Q: What is an audit, and why are audits performed?

A: An audit is assessing vouchers, books of accounts records to see that they are accurately and…

Q: how key audit matters affect the model of the audit report?

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: What are some audit procedures that can be performed using CAATs?

A: Computer-Assisted Audit Techniques (CAAT's): The technique which assists an auditor to perform audit…

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

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

Q: What is the purpose and used of audit confirmation materials?

A: Introduction:- Audit confirmation is the practice of receiving a direct answer from a third party in…

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

A:

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: What information would you expect to find in a current audit file?

A: Audit: Audit is the process of verification of the compliance of the financial statements.

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

A:

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: what are techniques you will use to obtain the sufficient appropriate audit evidence?

A: Audit refers to the form of examination or inspection of various accounting books of a company by an…

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: what is audit going concern?

A: Going concern is an accounting term for a company that is financially stable enough to meet its…

Q: why each audit evidence is important?

A: Answer: Auditor while performing audit perform set of procedures and collect evidences to support…

Q: Distinguish between an audit strategy and an audit plan or audit program?

A: An audit is a scrutiny of financial statement of a business entity.

Q: What does auditors examine?

A: Audit: Audit is the process of verification of the compliance of the financial statements.

Q: By type, timeliness, and scope of additional audit processes, what do we mean

A: Here's how it's done. Auditors use audit processes to test the accuracy and completeness of the…

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…