0
What else can I help you with?
What are audit queries?
Audit queries are questions asked by an auditor during an investigation. These may be used to gather information to come to a conclusion in the audit.
What is audit procedures?
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
What is the purpose of audit working papers?
Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards. They show the audit was:Properly planned;Carried out;There was adequate supervision;That the appropriate review was undertaken; & finally and most importantly;That the evidence is sufficient and appropriate to support the audit opinion.
What is an adequacy audit?
It is the review to verify the sufficiency of documentation for defining work and of records as evidence of satisfactory work completion.
3 general types of quality audits?
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
What are the disadvantages of audit evidence?
Audit evidence can be limited by factors such as its reliability and relevance, which may affect the overall quality of the audit. Additionally, obtaining sufficient and appropriate evidence can be time-consuming and costly, potentially leading to resource constraints. There is also the risk of misinterpretation or bias in evaluating the evidence, which could result in inaccurate conclusions. Lastly, some evidence may be inherently subjective, making it difficult to establish clear audit findings.
What is internal audit audit evidence?
internal audit evidence is all the information the auditor relies on to arrive at any conclusion.
What are audit queries?
Audit queries are questions asked by an auditor during an investigation. These may be used to gather information to come to a conclusion in the audit.
What are the sources of audit evidence?
management evidences and direct conformation evidence
Why do Auditors use Substantive Procedures?
Substantive procedures performed by the auditor during the substantive testing stage of the audit that gather evidence as to the completeness, validity and/or accuracy of account balances and underlying classes of transactions.
Which is not an technique for collecting evidence during the ethic audit?
Me
What is dual-purpose audit procedure?
A dual-purpose audit procedure is an audit technique that serves two objectives simultaneously: it tests the operating effectiveness of internal controls and also provides evidence regarding the validity of specific assertions related to financial statements. For example, an auditor might perform a procedure that evaluates the accuracy of recorded transactions while also assessing the effectiveness of the controls in place to prevent errors. This approach enhances efficiency by allowing auditors to gather multiple pieces of evidence in a single step, optimizing the audit process.
What is audit procedures?
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
What word means something you use to gather evidence about something you can't see?
something you use to gather evidence that you cant see.
What is inconclusive audit?
An inconclusive audit is one in which the evidence presented is not definite under the specific requirements needed. Information that may be conclusive in other situations can sometimes be inconclusive during an audit.
What does reliability mean in terms of audit evidence?
it meens you have to be accurateit meens you have to be accurate
How do you answer or comment on audit query?
To respond to an audit query, first ensure you fully understand the question and context. Gather relevant documentation and data to support your answer. Provide a clear and concise response, addressing the specific points raised in the query while referencing any supporting evidence. If necessary, offer additional explanations or context to clarify your position and demonstrate compliance.
