What should be the major emphasis in auditing the retainedearnings account? Explain your 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: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

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 should an auditor do prior to accepting an audit engagement?

A:

Q: Is it possible for external auditors to make use of the work done by internal audit teams?

A: This question explains about auditors to make use of the work done by internal audit teams.

Q: How does HanaTour use the data it collects from the audit to increase the security of its data?

A: HanaTour : It is the largest travel company in Korea. The main business of HanaTour is providing…

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 vouching? Discuss its importance in auditing.

A: Voching is the  backbone  of auditing

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 an audit, and how does it add to the integrity ofaccounting information?

A: A financial statement displays the financial information regarding an entity. The presented…

Q: What is considered the most important content of the auditor’s current audit documentation files?

A: The audit staff working on the engagement prepare an audit scheme according to the audit procedures…

Q: discuss why it is important to have written procedures—and how does the internal audit function…

A: Internal Audit Function: Enhance and safeguard organizational value by delivering risk-based…

Q: Discuss the concepts of independence and objectivity and relate them to the external audit process.…

A: Introduction: Independence in auditing refers to the auditor being independent from the business…

Q: Explain

A: Audit is the process of examining and analyzing the financial documents relating to the company’s…

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 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: 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: As an internal audit explain how you applied it in your company?

A: In order to evaluate the true and fair financial position of the company, an internal auditor is…

Q: Explain what an audit process is. What is the significance of a well-worded audit procedure?

A: Audit Process; The Objective of an Audit is to express the auditor's opinion whether the Financial…

Q: What is ethics in auditing?

A: Ethics is the study of what is right or wrong in human conduct. This is a branch of Philosophy which…

Q: What are potiental constaints/Risks when dealing in Tri Party Account Reconciliation and Process…

A: Tri Party Account Tri Party Account which is deal with the platform to outsource to the collateral…

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: ditors to have a basic knowledge of various bsuin

A: An internal auditor is an employee of the company, whose work is to check the financial records of…

Q: Explain how we might evaluate auditors’ whistleblowing intentions? Why would this be important to…

A: Whistleblowing refers to a worker reporting any wrongdoing suspected at the workplace. Thus a…

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: How will you explain the Auditing Process to someone who has experience in Auditing firm?

A: Audit can be defined as the verification and evaluation of the financial statements that includes…

Q: What type of audit report does a client typically want or hope for?

A: Audit report is the statement wherein the auditor gives its view on the financial statements of an…

Q: Is it necessary to undertake an audit client's internal control evaluation?

A: This question explains about an audit client's internal control evaluation

Q: What are the components of Audit Risk? Use the Audit risk equation and briefly explain the…

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

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: The audit plan is more detailed than the overall audit strategy in that it includes the nature,…

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

Q: What is the ULRD? What information does the ULRD provide to the audit team?

A:

Q: audit risk

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

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has…

Q: what are the skill sets and staffing needs of an internal audit activity? Discuss thoroughly.

A: Internal audit : Internal audit is defined as the audit which evaluates the internal controls of the…

Q: What are the primary reasons for conducting an evaluation of an audit client’s internal control?

A: An evaluation of internal control involves an examination of the effectiveness of associate…

Q: What does auditors examine?

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

Q: Help me understand the distinction between an external audit and a Review Engagement.

A: This question explains about the distinction between an external audit and a Review Engagement.

Q: What is an audit program

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

Q: hat are the benefits of the internal audit function establishing a risk-based plan when identifying…

A: Internal audit function: An internal audit offerss risk management and evaluates the effectiIveness…

Q: Whare are the advantages of internal goverment audits?

A: Traditionally, there was no concept of Government Audits since Government was the one which…