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What is system auditing?
A system audit is an audit made throughoutÊthe computer system to determine the significance of their effectiveness and to recommend improvements. It is an audit of a system or subsystem against system requirements in order to show conformity or nonconformity to the system.Ê
Which type of audit is the least complicated for taxpayers?
a correspondence audit
What is facisism?
A type of radical authoritarian governmental system, led by a dictator having complete power and who forcibly suppresses opposition and criticisms.
What class of business is continuous audit applicable?
audit which type of bussness class is it applicable answer
What is a SAS 70 type ii audit?
A SAS 70 type ii audit is one of two service audit reports. Both reports include the service organization's description of controls, but type ii audit also has detailed testing over the controls over a minimum of 6 month period.
What is unqualified audit report?
While the word 'unqualified' may seem to have a negative spin on it, it is actually the best type of audit report a company can receive. Once an audit is complete, the audit partner will produce a report the the owners if the company giving his/her opinion on the accounts. An unqualified report will say that there are no material misstatements and the accounts seem to be true and fair. If there are issues with the accounts that the auditor needs to bring to the attention if the company owners, he/she will produce a modified (qualified) audit report instead.
Difference between operational audits and compliance audits?
Operational AuditsAn operational audit is a review of any part of an entity's operating procedures and methods for thepurpose of evaluating efficiency and effectiveness. At the completion of an operational audit,recommendations to management for improving operation are normally expected.An example of an operational audit is evaluating the efficiency and accuracy of processing payrolltransactions in a newly installed computer system. Another example, where most accountants would feelless qualified is evaluating the efficiency, accuracy, and customer satisfaction in processing the distributionof letters and parcels by a courier company such as TCS.Because of the many different areas in which operational effectiveness can be evaluated, it is impossible tocharacterize the conduct of a typical operational audit. In one organization, the auditor might evaluate therelevancy and sufficiency of the information used by management in making decisions to acquire new fixedassets, while in a different organization the auditor might evaluate the efficiency of the paper flow inprocessing sales.In operational auditing, the reviews are not limited to accounting. They can include the evaluation oforganization structure, computer operations, production methods, marketing, and any other area in whichthe auditor is qualified.The conduct of an operational audit and the reported results are less easily defined than for either of theother two types of audits. Efficiency and effectiveness of operations are far more difficult to evaluateobjectively than compliance or the presentation of financial statements in accordance with accountingconventions and principles; and establishing criteria for evaluating the quantifiable information in anoperational audit is an extremely subjective matter.In this sense, operational auditing is more like "management consulting" than what is generally regarded as"auditing". Operational auditing has increased in importance in the past decade.Compliance AuditsThe purpose of a compliance audit is to determine whether the entity is following specific procedures, rules,or regulations set down by some higher authority.A compliance audit for a private business could include determining whether accounting personnel arefollowing the procedures prescribed by the company controller, reviewing wage rates for compliance withminimum wage laws, or examining contractual agreements with bankers and other lenders to be sure thecompany is complying with legal requirements.In the audit of governmental units such as districts school, there is extensive compliance auditing due toextensive regulation by higher government authorities. In virtually every private and non profit organization, there are prescribed policies, contractual agreements, and legal requirements that may call for complianceauditing.Results of compliance audits are typically reported to someone within the entity being audited rather than toa broad spectrum of users.Management, as opposed to outside users, is the primary group concerned with the extent of compliancewith certain prescribed procedures and regulations. Hence, a significant portion of work of this type is doneby auditors employed by the entity itself.There are exceptions; when an organization wants to determine whether individuals or entities that areobligated to follow its requirements are actually complying, the auditor is employed by the entity issuing therequirements.An example is the auditing of taxpayers for compliance with the federal tax laws, where the auditor isemployed by the government to audit the taxpayers' tax returns.Following table summarizes the three types of audits and includes an example of each type and anillustration of three of the key parts of the definition of auditing applied to each type of audit. for more studyExamples of the Three Types of Audits
What type of training is running?
Cardiovascular and pain compliance
Which type of audit is compulsory for a banking organization?
"CONTINUOUS AUDIT" is essential to a bank so as to maintain a correct flow of amount in both in and out flow.
Is an audit engagement and an attest engagement the same in accounting terms?
yes an audit engagement is a type of attest service where you provide assurance on information in the financial statements.
The US is what type of governmental system?
representational democracy
What type of governmental does Croatia?
Croatia is a unitary democratic constitutional republic.
