EBK AUDITING & ASSURANCE SERVICES: A SY
11th Edition
ISBN: 9781260687668
Author: Jr
Publisher: MCGRAW-HILL LEARNING SOLN.(CC)
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Question
Chapter 1, Problem 1.11RQ
To determine
Introduction: Auditing is a systematic process wherein the auditor investigates the financial statements, data, information and other records to determine whether the financial statements show the true and fair position of the firm or not.
To explain: The emphasis by audit technologies on auditor’s knowledge of business, accounting and auditing concepts and ability to exercise professional judgement.
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Students have asked these similar questions
How has this concept developed?
How has the accounting information system and other technologies opened up the opportunity for continuous auditing?
What is involved in calculating the costs and benefits of continuous auditing?
What other technologies will be available to make the cost benefit of continuous auditing a reality for companies?
What will this do to the future of the auditor?
Continuous auditing
1. How has this concept developed?
2. How has the accounting information system and other technologies opened up the opportunity for continuous auditing?
3. What is involved in calculating the costs and benefits of continuous auditing?
4. What other technologies will be available to make the cost benefit of continuous auditing a reality for companies?
5. What will this do to the future of the auditor?
Explain how a strategic understanding of a client’s business may increase the value of the audit service.
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Chapter 1 Solutions
EBK AUDITING & ASSURANCE SERVICES: A SY
Ch. 1 - Prob. 1.1RQCh. 1 - Prob. 1.2RQCh. 1 - Prob. 1.3RQCh. 1 - Prob. 1.4RQCh. 1 - Prob. 1.5RQCh. 1 - Prob. 1.6RQCh. 1 - Prob. 1.7RQCh. 1 - Prob. 1.8RQCh. 1 - Prob. 1.9RQCh. 1 - Prob. 1.10RQ
Ch. 1 - Prob. 1.11RQCh. 1 - Prob. 1.12RQCh. 1 - Prob. 1.13MCQCh. 1 - Prob. 1.14MCQCh. 1 - Prob. 1.15MCQCh. 1 - Prob. 1.16MCQCh. 1 - Prob. 1.17MCQCh. 1 - Prob. 1.18MCQCh. 1 - Prob. 1.19MCQCh. 1 - Prob. 1.20MCQCh. 1 - Prob. 1.21MCQCh. 1 - Prob. 1.22MCQCh. 1 - Prob. 1.23MCQCh. 1 - Prob. 1.24PCh. 1 - Prob. 1.25PCh. 1 - Prob. 1.26PCh. 1 - Prob. 1.28P
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Similar questions
- What challenges do auditors face when using big data, data analytics and new technologies during an audit?arrow_forwardHow can internal auditors effectively integrate data analytics to enhance audit processes and address evolving organizational needs?arrow_forwardIT audit and assurance professionals should examine the root cause of risk events that impact the business. Drawing from today's headlines, how can an IT auditor go about examinging the root cause of a risk event?arrow_forward
- Explain the concept of "independence" in auditing and its significance. How does the principle of independence contribute to the credibility and reliability of financial audits? Provide examples to illustrate potential threats to auditor independence and how these threats can be mitigated in practice.arrow_forward1. a. Why are documentation, visualization, and business process mapping important to accounting information systems auditors? b. Why should accountants be interested in AIS documentation? 2. How are data analytics tools helping accountants and auditors? 3. a. Explain why auditors’ communication skills are so important. b. Give examples of where these skills would be necessary in each phase of an audit engagement. c. In this age of high technology and computer-based information systems, why are accountants/auditors concerned about physical (human) controls?arrow_forwardExplain how SOX has affected audit firms.arrow_forward
- Why is communication an important skill of an auditor?arrow_forwardHow would you distinguish forensic accounting, fraud auditing, and investigative auditing from financial auditing?arrow_forwardDiscuss why an understanding of legacy system technologies is of some importance to auditors.arrow_forward
- As IT auditors, it's critical that we establish a common "risk" language with management. Importantly, this common language should consider: a) How an IT risk may impact the organization's ability to generate revenue. b) How an IT risk may impact the customer experience. c) How an IT risk may impact the expenses and costs incurred by the organization, such as privacy legal fines for non-compliance. d) All of the abovearrow_forwardCritical discussion of the challenges to achieving auditor independencearrow_forwardWhy is it important for internal auditors to have a fundamental understanding of diverse business processes?arrow_forward
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