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: Which of the following best describes audit data analytics?

A: Audit data analysis refers to examining and evaluating large sets of data in the context of an…

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: 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: 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: he auditor should document the overall audit strategy and the audit plan, including any significant…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS CORRECT ANSWER:  Statement of changes in equity WHILE…

Q: Once the overall audit strategy has been established, what can be developed to address the various…

A: Audit strategy is prepared by the auditor which helps in planning the audit. It includes the time…

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: Which of the following types of audit evidence generally is the most reliable

A: Answer:   Option B.

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: Please briefly discuss the need for the auditor’s evaluation of post balance sheet events as well as…

A: Post balance sheet events means events that are passed after the balance sheet date. Going concern…

Q: Which of the following is correct about ISA 520? O a. ISA 520 deals with the procedures after an…

A: The International Standard on Auditing 520 focuses on the analytical procedure used by the auditors…

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: 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: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

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: Analytical procedures issued in the planning stage of an audit, generally_______ Select one:   a.…

A: The question is asking about the purpose of analytical procedures in the planning stage of an audit.…

Q: Where the auditor should summarize the overall audit strategy that contains the key decisions about…

A: Solution: - Where the auditor conduct an audit, At the time of conduct the audit auditor should…

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: 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: Analytical procedures are generally used to produce evidence froma. Confirmations mailed directly to…

A:

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…