In scanning environment, why the strategic auditor focuses more on external environment rather than internal environment? Is it wise or not? Why?

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Why is it important that auditors familiarize themselves with the acquisition and expenditure Cycle

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

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A:

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

Q: Why are audit objectives important in planning and performing an audit? Is it possible for audit…

A: Why are audit objectives important in planning and performing an audit? Audit objectives are the…

Q: Do the auditors have a specific goal in mind?

A: Definition: Auditing is a systematic procedure in which an auditor reviews financial statements,…

Q: ome limitations of internal controls?

A: Control Environment. The phrases "control environment" and "internal control environment" are…

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: Discuss the reason of why an understanding of legacy system technologies is of some importance…

A: Legacy System: Legacy system refers to the outdated computer system whose data is used even in…

Q: Why audit is a systematic process?

A: Audit: It is an examination of the financial statements of the company. It helps in determining…

Q: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

Q: factor to be considered by an auditor while performing analytical procedures?

A: Option a is wrong because it is a correct statement. Auditor will procure an expected amounts or…

Q: In comparison to the external auditor, an internal auditor is more likely to be concerned with

A: Internal audit involves assessment and evaluation of of effectiveness with which company is managing…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: external strategic management audit, industry analysis is better than environmental scanning.…

A: External strategic management audit refers to the detection and assessment of patterns and…

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: Why auditors gather evidences?

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: Why is communication an important skill of an auditor?

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

Q: Distinguish between client-imposed scope limitations and circumstance-imposed scope limitations.…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Discuss the objectives of the risk management process. Why should you follow a regimented and well…

A: Risk management is a strategy for preventing and controlling dangers to a company's operations. It…

Q: potential bias in management's ncerns,

A: Option 1 is wrong because the management' bias in estimation calculations is to be considered to…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

A:

Q: How do management assertions affect the audit?

A: Management assertions are the claims made by the management about the items in the financial…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: What are the objectives of auditors in auditing data management?

A:

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: Explain why auditing is important in lowering the risk associated with information.

A: Introduction: Auditing is the practice of reviewing a company's internal controls to determine its…

Q: What is meant by the control environment? What are the factorsthe auditor must evaluate to…

A: Control environment is an internal control environment . It ensures the overall attitude, awareness…

Q: What are the similarities and differences between internal auditing and external auditing?

A: Audits are performed to ensure that something is correct, such as whether a person is paying their…

Q: Which of the following is a possible safeguard i

A: An advocacy threat can occur when an auditor acts on behalf of their client. ... Safeguards to…

Q: The quality of the environment in which internal control operates has a pervasive effect on many…

A: Concept Pervasive effect               Pervasive effect means that the effect is spread to most of…

Q: What is the importance of strategic audit? and its scope.

A: Strategic audits help in making audits effective and efficient. It provides a basis for audit…

Q: Why is segregation of duties important in an IT environment. What are some advantages of using IT…

A: Segregation of Duties  is a critical component of risk management and internal controls in a…

Q: How can internal auditors achieve practical independence?

A:

Q: Discuss why an understanding of legacy system technologies is of some importance to auditors.

A: Legacy system: It can be defined as the old computer hardware or software, outdated technologies,…

Q: What are the possible obstacles or hindrance of operational audi

A: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot, therefore, obtain…

Q: Performance auditing is oriented primarily toward * Past protection provided by existing external…

A: Auditing refers to inspection of a particular organisation or we can say company.It is mainly on…

Q: How is the primary key critical in preserving the audit trail

A: Audit Trail:   An audit trail refers to a set of records or destination and source of records that…

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: Describe how the audit team assesses control risk in an IT environment.

A: Control risk in the audit :           As the name suggests, it is the risk associated with the…