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Why absolute assurance is not given in audit?
Because it is not the responsibility of the auditor. The auditor work must be within economic limits.
What is the difference between Financial Audit and Cost Audit Describe each of them?
between financial audit and cost audit
Difference between audit plan and audit program?
an audit program may contain several audit plans
What is the process of preparing an audit?
The process of preparation for audit depends on the kind of audit to be performed, it's objective and scope. The scope of the audit is key to the planning process. The planning required or statutory audit is different from internal audit; it also differs from forensic audit?
What are the advantages in having an audit committee?
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
What is difference between informal audit and formal audit?
[object Object]
Is pre audit is a internal audit function?
Yes pre audit is the responsibility of internal audit department as external auditors are only auditing the activities after end of fiscal year when everything is complete.
An audit team's responsibility would not include?
Designing client's internal controls
What policy item audits resource access?
Audit object access
Why absolute assurance is not given in audit?
Because it is not the responsibility of the auditor. The auditor work must be within economic limits.
What is social audit?
A systematic analysis of how a firm is using funds earned marked for social responsibility goals and how effective these expenditures are
What happens after a safety audit?
After a safety audit, any issues that have been identified are communicated to management. Management reviews them and either assigns the responsibility for addressing the issue and reporting its acceptable resolution, or documents why no action is to be taken.
The significance of the audit report date?
The significance of the audit report date is that it is the cut-off point for an auditor's responsibility to be informed about events and transactions that occur after the date of the financial statements but that have a material effect on those statements.
Can statutory audit be done after tax audit?
Statutory Audits are those mandated by a statute. So by that definition even tax audit is a statutory audit.The management of the organization makes the appointment of an internal auditor. The statutory auditor is appointed by different authorities. First statutory auditors are appointed by the shareholders in the annual general meeting. The main object of the statutory audit is to form an opinion on the financial statement of the organization auditor has to state that whether the financial statements are showing the true and fair view of the affairs of the organization or not. The main object of the internal audit is to detect and prevent the errors and frauds.The scope of the statutory audit is fixed by the company act. it can not be changed by mutual consent between the auditor and the management of the audited business unit. The scope of the internal audit is fixed by the mutual consent of the auditor and the management of the unit under audit.
What are the changes in auditing in Windows Server 2008?
Global Object Access Auditing.Reason for access" reporting.Advanced audit policy settings
Differences between IS Audit nad Traditional Audit?
what is the differences between IS Audit and traditional Audit?
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
