Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards?

Q: Auditing includes all of the following except: a. A systematic process. b. An objective obtaining…

A: Lets understand the basics. Auditing is a verification of books of account to give true and fair…

Q: Which of the following is usually not part of an internal audit department’s audit charter?a. A…

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: Direction:  summarize the concept of the following audit considerations. 1. Competence 2. Laws and…

A: Audit considerations are the factors to be considered by the auditor while conducting audit. This is…

Q: Which of the following internal control components involves the ongoing evaluation of the…

A: Internal controls are implemented to prevent fraud in the organization. These are the rules or…

Q: Risk assessment procedures are performed by auditors to: a. detect material misstatements in the…

A: The risk assessment procedures include test of control, substantive procedures and assessment…

Q: subcontracted by the client, specifically in what corresponds to criteria of security, availability,…

A: A  SOC for Service Organizations reports are designed to help service organizations that provide…

Q: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

Q: Which of the following stakeholders rely on internal audit report? a. General public b. Investors c.…

A: Audit is the examination or review of books of account in order to ensure that whether these…

Q: Which of the following is the most important responsibility of the external auditor? a. To ensure…

A: An external auditor is a person outside the organization, who performs the audit, review of…

Q: It is a primary environment of a company to engage in the audit process in an effective manner. This…

A: Independent auditor plan, reports as well as conduct the outcome of the audit under GAAS ( Generally…

Q: stage of audit the audit program

A: Option a is wrong is wrong because during field work, auditing is done complying with the audit…

Q: When testing IT controls, which of the following BEST (select one) describes the IT auditor's focus:…

A: IT controls audit is the process of evaluating an organization's IT controls to determine their…

Q: Which of the following tasks is a function of an audit committee? Select one: a. Making decisions…

A: Audit committee: It can be defined as a committee that consists of company's board of directors…

Q: determine whether true or false S1- The extent of planning will vary accordingly to the size of the…

A: The answers and relevant explanation for the True or false questions are presented hereunder : The…

Q: What is the Committee of Sponsoring Organizations (COSO)?  Summarize its history and explain why it…

A: The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a joint initiative of…

Q: An independent examination and evaluation of the financial statements of an organization is called…

A: Businesses are often managed and controlled by managers that are hired employees of the…

Q: Using your selected objective, create an audit plan of the organization's financial statements that…

A: Audit planning is one of the basic principles for governing an audit.Auditor should plan his work to…

Q: The auditor should review information provided by those charged with governance and management…

A: As per the related parties standard, The auditor should review information provided by those charged…

Q: An auditor is required to obtain sufficient understanding of each component of an entity’s internal…

A: As part of the audit planning process, an auditor needs to obtain a sufficient understanding of the…

Q: What are the objectives of ISA 520? O a. To obtain evidence from third parties O b. To obtain the…

A: SOLUTION- ISA 520- IT DEALS WITH THE AUDITORS USE OF ANALYTICAL PROCEDURES AS SUBSTANTIVE PROCEDURES…

Q: Discuss the importance and purposes of audits in an organisation. Identify the possible Reporting…

A: Audits play a pivotal role in ensuring the reliability and integrity of financial information in…

Q: ss risk and the audit's preliminary analytical procedures? c) When preparing an audit engagement,…

A: Business Risk associated with Audit: A business risk is an occurrence, incident, or condition that…

Q: Which of the following audit types is designed to add value and improve the organization's…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: PCAOB Auditing Standard No. 5, titled "An Audit of Internal Control Over Financial Reporting that is…

A: Comment-Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: List and briefly explain each of the Auditing Standards Board’s management assertions. List at least…

A:

Q: The internal audit risk assessment process:

A: It refers to the systematic and recurring process for evaluating and identifying events that affect…

Q: describe the objective of audits of fi nancial statements, the types of audit reports, and…

A: The main objective of a financial report audit is to enable auditors to re-examine the financial…

Q: Explain the following audit strategy document main sections: Scope Materiality Audit Strategies…

A: Answer:- Audit strategy:- The definition of an audit strategy includes the audit approach used by…

Q: Discuss the types of internal controls and explain how each is important to the auditing process.…

A: There are five primary types of internal controls that organizations use to manage risk and protect…

Q: Direction: summarize each step of the risk-based audit process. • Establishing audit objective •…

A: The auditor's objective in a risk based audit is to obtain reasonable assurance that no misstatement…

Q: Which of the following documents or/ and procedures should be used by the auditor to gain a better…

A: Audit is the process of verifying and examining the financial statements and control procedures…

Q: Which one of the following section of the auditor's report gives a description of an audit conducted…

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

Q: Service organization control (SOC) reports may be requested by auditors when a service organization…

A: SOC Type 1 report evaluates the control of service organization over financial reporting. The report…

Q: The audit process may be divided up into four phases. At which phase would the auditor normally…

A: Steps often involve validating sample transactions, conducting surveys, evaluating laws, rules, and…

Q: Discuss briefly:  - The implementation of the overall audit strategy.

A: An audit strategy is the overall plan and framework for conducting an audit. The primary goal of an…

Q: Communicating Key Audit Matters in the audit report is : A. Additional communication to provide…

A: Key Audit Matters are all those matters which are most significant in the opinion of the auditor in…