What role does the audit trail play in terms of configaration?

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

A: The answer:

Q: What are tests of controls? What is the audit team’s goal in performing them in an…

A: Tests of controls: Test of control is performed by the auditor to verify that whether the control…

Q: What’s in an audit?

A: Audit definition -  Audit is an independent examination of financial information of an entity…

Q: In terms of configuration, what function does the audit trail play?

A: Here is the Answer

Q: How to audit PPE?

A: Introduction:- PPE means:- PPE means property , plant, Equipment Which is identified as Fixed asset…

Q: What are advantages of external public audit?

A: External audit relates to the examination of financial records in connection with the financial…

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: What is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

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: What is an external auditor?

A: Auditor is a person who audits the accounts of the business.

Q: What is the relationship between Internal Control and Substantive Testing?

A: Internal controls:                            It is a set of rules, policies and procedures adopted…

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 are analytical procedures, and why are they a useful audit tool?

A: Analytical procedures are those procedures that are used as a substantive test to obtain evidence…

Q: Why audit is a systematic process?

A: Audit: It is an examination of the financial statements of the company. It helps in determining…

Q: what is Advantages of the Standard Audit

A: Standard audit The audit conducted based on Generally Accepted Accounting Standards that are issued…

Q: How does an audit team use materiality on an audit engagement?

A: Rule of thumb and professional judgement are being relied by an auditor to determine materiality.…

Q: What is an audit trail?

A: The accounting records of an entity are provided in an audit trail. It is used to examine different…

Q: need for independent audits

A: Independent Audit means independent examination of accounting books and records by practicing…

Q: How can analytical procedures be performed in audit planning?

A: Analytical procedures:   Analytical procedure refers to a financial audit procedure that helps an…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: What is IT auditing?

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

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: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

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 is the audit risk model used to plan the audit?

A:

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

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 is the purpose of an audit strategy memorandum? What information should it contain?

A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: What are the objectives of auditors in auditing data management?

A:

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: What is the difference between an external audit engagement and a Review Engagement, please explain.

A: External audit engagement and a Review Engagement will be explained:

Q: what does audit Evidence consist?

A:

Q: What role does the audit trail play in the task of confirmation?

A: Definition: Audit trail: Audit trail refers to the sequential track of a transaction. The audit…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: ideal outcome of the audit procedure or process? (auditing)

A: Auditing is a procedure conducted by professional accountants to ensure whether the financial…

Q: What is the importance of strategic audit? and its scope.

A: Strategic audits help in making audits effective and efficient. It provides a basis for audit…

Q: why each audit evidence is important?

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

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: What characteristics should audit evidence have?

A: It is about the two key features of the audit evidence, based on which the appropriateness content…

Q: What is an audit program

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

Q: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…

Q: Explain what is meant by the audit expectation gap.

A: Audit expectation gap refers to the difference between public expectation about the auditor's role…

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…