Explain the concept and give real life examples of Audit Planning and Business Processes

Q: of transactions and account balances. Determining the audit strategy occurs during which phase of…

A: Answer : b. Planning stage  In planning stage the audit staff collates the background information…

Q: Providing information about the performance and fi nancial position of companies so thatusers can…

A: Financial reporting includes the release of financial statements as well as details on the way a…

Q: List the management reports and computer files that can be used for audit evidence. What information…

A: Audit Evidence:   Evidences obtained by auditor after applying various audit procedures to verify…

Q: Outline from your own understanding the roles of the following people in information system audit…

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Describe the nature of activities that internal auditors do.How important is internal audit to a…

A: An internal auditor is a person who provides how accurately the financial statements of a company…

Q: Accounting information's integrity is enhanced via audits.

A: This question explains about accounting information's integrity is enhanced via audits.

Q: Can you tell me more about what find of company or business has work called: "Different types of…

A: Audit means independent verification of books of accounts to ensure accuracy and reporting of…

Q: What is the role of audit planning in an audit? In an audit, how do you convey your understanding of…

A: Auditing is defined as the examination of a company's books of accounts by an auditor to determine…

Q: Outline from your own understanding the roles of the following people in audit department: a) The…

A: Following are the roles of stated people in audit department

Q: As part of the engagement team, what specific audit procedure/s will you focus on and why? (Power…

A: The audit engagement of any business firm or industry includes various audit procedures to be…

Q: Auditing is the systematic process of obtaining and evaluating evidence regarding assertions about…

A: Option A is correct Evaluation of evidence

Q: Describe the audit documentation review process in a public accounting firm.

A:

Q: How would you describe the Auditing Process to someone with experience in Auditing firm?

A: Audit can be defined as the verification, examination, and evaluation of the financial information…

Q: A tool used by auditors that serves as a cue to guiding audit planning  around management’s…

A: Auditor is an individual approved to audit and confirm the exactness of monetary records and…

Q: write about the implementation of systrust (integrity,security,availability,privacy and…

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: Identify whether each description most likely applies to managerial (M) or financial (F) accounting.…

A:

Q: Describe and define the assertions that management makes about the recognition, measurement,…

A: Assertions are criteria that assess the accurate and fair portrayal of financial statements in the…

Q: Explain why the implementation of ERP in a company, especially SAP, can simplify the accounting…

A: Answer:-  Auditing meaning:- Auditing can be defined as the verification activity of a process or…

Q: Evaluate the contribution of the internal audit function to the effective running of an…

A: Audit is defined as the evaluation and analysis of the financial statements and information dealt by…

Q: Explain the role of audit report in company.

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

Q: Describe role and objectives of audit planning.

A: Audit planning Audit planning  start  at the initial stage  of audit process.

Q: Analyze the many ways in which an audit committee might help the internal auditors do their job…

A: An audit committee receives all internal and external audit reports, a board of directors committee…

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: Describe the external auditors responsibilities in relation to auditing accounting information…

A: Auditor's are the professional body responsible for analyzing, checking, reporting about the…

Q: data analytics can be used during an external audit

A: Data analytics means the analysis of a set of data to find out trends and variations.

Q: Accounting Discuss the main types of auditing according to its objectives with giving examples for…

A: Audit is an independent examination of financial information of an entity weather profit-oriented or…

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: 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: Provide relevant examples explaining.

A: Auditing-:Auditing inventory is the procedure of cross-checking financial documents with physical…

Q: Describe the users of audited financial statements and the decisions that they need to make based on…

A: Users of Financial statements: When referring to users of financial statements, we're talking about…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing:  The process by which effectiveness and efficiency of business operations are…

Q: Auditors get an awareness of a company's internal control systems for a variety of reasons

A: Auditor: The auditor is the one who is believed to be in charge of determining the integrity of the…

Q: Choose the preliminary engagement activity of an auditor. O a. Establishing an understanding of the…

A: The auditor first understands the overall objectives of the auditor and then defines the terms of…

Q: Business risk must be assessed in performing an audit. a) Define business risk in association…

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

Q: When it comes to the smooth running of a company, what role does an auditor play? Using relevant…

A: For smooth running of the organisation the auditor must ensure that the company is complying with…

Q: What should be the major emphasis in auditing the retainedearnings account? Explain your answer.

A: Given: The importance of the auditing of the retained earnings account.

Q: Explain how the auditors can be sustained in the auditing profession.

A: Auditing: It is an act of the examination of financial statements of an entity and expression of…

Q: Describe the role and responsibilities of auditor.

A: Auditor:The person who is considered responsible for assessing the credibility of the financial…

Q: The audit documentation are the connecting link between the client's accounting records, financial…

A: Auditing is reviewing the financial statement of the company and giving an opinion on whether the…

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: explain why and auditor needs an understanding of the client's industry

A: A person who has the authority to examine financial documents, confirm their accuracy, and make sure…

Q: Define Auditing and Explain in detail about the statement " Auditing starts where Accounting End"…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Why it is important to understand the culture of the company and what is its impact in internal…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: Explain all the five steps involved in the information system based audits in your own words. How…

A: Auditing Auditing is an important process in the accounting work in an organisation.  The purpose of…