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What is current audit file?
audit files contain information relating primarily to the audit of a current period.
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
In what accouting period are audit fees recorded?
Cash Basis - When the check is written to pay for them. Accrual Basis - When the services are rendered.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
What is audit files?
audit files contain information relating primarily to the audit of a current period.
What is current audit file?
audit files contain information relating primarily to the audit of a current period.
What is Final Audit?
Final audit is conducted by the statutory auditors after the close of the financial period with a view to prepare the financial statements & audit report to be presented to the Board of Directors and to be filed with statutory authorities.
Examples of item treated as a prior period adjustment?
An adjustment as the result of an IRS audit.
Probation period for Audit Inspector in HR and CE department of Tamilnadu?
2 years
Classification by method of approach final or completed audit?
the complies that the audit is carried through to completion in one continuous., although it may be commenced before the end of the accounting period.
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.
Differences between IS Audit nad Traditional Audit?
Aspect IS Audit (Information Systems Audit) Traditional Audit (Financial/Statutory Audit) Objective To evaluate the security, integrity, and performance of an organization’s IT systems To assess the accuracy and fairness of financial statements Focus Area IT infrastructure, data security, software systems, cyber risk, IT governance Financial records, accounting systems, balance sheet, income statement Primary Standards ISACA standards (e.g., COBIT), ISO 27001, NIST IFRS, GAAP, International Standards on Auditing (ISA) Performed By IT auditors, IS/IT governance professionals (e.g., CISA holders) Chartered Accountants or Certified Public Accountants (CPA) Key Components Access controls, data privacy, disaster recovery, system reliability Revenue, expenses, assets, liabilities, equity, compliance with laws Tools Used Audit software, vulnerability scanners, system logs, cybersecurity tools Financial statements, accounting software, trial balances, ledgers Risk Assessment Focus on IT-related risks (data breach, downtime, hacking, etc.) Focus on financial risks (fraud, misstatement, internal control weaknesses) Output IS Audit Report with findings on system effectiveness and recommendations Auditor’s Report giving opinion on the financial statements Relevance For businesses heavily reliant on IT systems, e.g., banks, fintech, e-commerce Required by law for companies (statutory compliance, tax purposes)
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
How does an audit manager write up a letter to the audit partner?
How do I write a audit letter about concerns on an audit
In what accouting period are audit fees recorded?
Cash Basis - When the check is written to pay for them. Accrual Basis - When the services are rendered.
What is the Difference between HR audit And Financial Audit?
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
