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when a client makes extensive use of information technology, the auditor should consider?

Table of contents

  1. Which of the following procedures would an auditor be least likely to use in an effort to obtain evidence regarding subsequent events?
  2. Which of the following is a basic element of the independent auditor's report?
  3. When a client makes extensive use of information technology the auditor should consider?
  4. What is the auditor's role when using the work of the client specialist?
  5. What is the purpose of IT audit and how does it impact the audit of an entity's financial statements?
  6. What factors should be considered by auditor for understanding the business and industry of their customers?
  7. When would an auditor use a specialist?
  8. What is an auditor's specialist?
  9. What is the auditor's main role?
  10. What are the roles and responsibilities of an auditor?
  11. What are the primary factors that should be considered in determining whether the auditor needs to directly test year end account balances?
  12. What are the important factors that auditors should consider while carrying out auditing of a company?
  13. What factors should be considered in determining audit fees?
  14. What must an auditor consider when undertaking an audit?
  15. Which of the following procedures would an auditor most likely to perform to obtain evidence about the occurrence of subsequent events?
  16. Which of the following procedures would an auditor most likely?
  17. Which of the following procedures is the auditor most likely to perform first after accepting an initial audit engagement?
  18. What is an independent audit report?
  19. What are the basic sections of the auditor's report?
  20. What are the elements of audit?
  21. What are the factors the auditor must evaluate to understand it?
  22. What factors should an auditor consider in determining whether financial statements are presented fairly in conformity with applicable financial reporting standards?
  23. What are the factors to be considered in designing an audit sample?
  24. Which of the following procedures would an auditor most likely perform before the balance sheet date?
  25. Which of the following would not be considered an attest engagement subject to attestation standards?
  26. What are the 5 contents of an audit report?

when a client makes extensive use of information technology, the auditor should consider - Related Questions

Which of the following procedures would an auditor be least likely to use in an effort to obtain evidence regarding subsequent events?

What would be the least likely procedure that an auditor would use to obtain evidence of wing procedures would an auditor be least likely to use in an effort to obtain evidence regarding subsequent events? Verify that the successor auditor has provided adequate audit documentation. As a result, the successor does not require a review of their audit documentation.

Which of the following is a basic element of the independent auditor's report?

Report titles, introductory paragraphs, scope paragraphs, executive summaries, opinion paragraphs, and the name and signature of the auditor are the basic elements of a report.

When a client makes extensive use of information technology the auditor should consider?

An auditor must take into account the effect that extensive use of information technology may have on internal control when auditing a client.

What is the auditor's role when using the work of the client specialist?

Auditors use the work of those specialists for the purpose of performing substantive tests on statement assertions and warrants.

What is the purpose of IT audit and how does it impact the audit of an entity's financial statements?

IT audits are conducted to evaluate an organization's internal control over its IT systems, as opposed to the purpose of a financial audit, which is to evaluate whether its financial statements represent fairly the entity's financial position, results of operations, and cash flows.

What factors should be considered by auditor for understanding the business and industry of their customers?

Some businesses are subject to laws and regulations particular to their industry. Moreover, the auditor should also take into account broader economic factors like interest rates and exchange rates, such as the level and volatility of each factor.

When would an auditor use a specialist?

As outlined in AU-C 620, the auditor should use a specialist if they need expertise in a different field than accounting or auditing. Whether or not you need the services of a specialist will depend on the nature of the information you require.

What is an auditor's specialist?

Individuals or organizations who have expertise in a field other than accounting or auditing, and whose work involves such expertise. Assisting auditors to derive sufficient and appropriate audit information using that field is a key function of that field.

What is the auditor's main role?

Performing audits is a part of an auditor's duties. It is the duty of an auditor to review and verify financial records in order to ensure companies comply with tax laws. As a rule, their main objective is to help businesses avoid fraud, discover discrepancies in accounting methods, and so on.

What are the roles and responsibilities of an auditor?

As an internal auditor, your task is to assist your business in conforming to tax laws and managing taxes properly. A company's auditor can be any individual or firm, as provided in section 139(1) of the Companies Act.

What are the primary factors that should be considered in determining whether the auditor needs to directly test year end account balances?

a potential for isstatement; Materiality ity of the item; A description ol systems; An auditor's understanding erience of the business; Results of the control sults of controls tests;

What are the important factors that auditors should consider while carrying out auditing of a company?

The objectives and goals of your business. Topics that are relevant from an external and internal point of view. A consideration of relevant stakeholder needs and expectations. The requirements of the quality management system with regard to information security and confidentiality.

What factors should be considered in determining audit fees?

One factor that determines the amount of audit fees is the clients' characteristics, according to David Hay (2006). In addition to firm size, complexity of client operations, default risk, profitability, and turnover, clients should know what type of industrial debt they own.

What must an auditor consider when undertaking an audit?

It is the auditor's responsibility to ensure that the accounting policies are consistent with the applicable financial reporting frameworks. Defining the company's objectives and strategies, along with the risk associated with them, is the first step in reducing business risks.

Which of the following procedures would an auditor most likely to perform to obtain evidence about the occurrence of subsequent events?

Among the following, which procedure would an auditor most likely use in obtaining evidence of future f the following procedures would an auditor most likely perform in obtaining evidence about subsequent events? Management should be contacted to determine if new shares have been issued since the year ended.

Which of the following procedures would an auditor most likely?

A procedure in searching for unrecorded liabilities is to vouch an example of cash held by an auditor.

Which of the following procedures is the auditor most likely to perform first after accepting an initial audit engagement?

After accepting an audit engagement, which of the following procedures is most likely to be performed by the auditor? ? Take a tour of the client's facility. Fraudulent financial reporting can result in material misstatements of revenue. Risk assessment procedures are carried out.

What is an independent audit report?

As a company's financial statements are prepared, an independent auditor issues an audit report to verify that the financial statements are accurate and of high quality. Providing auditors and users with financial statements with a report is a key method of communication.

What are the basic sections of the auditor's report?

There are usually three paragraphs in a report. In the first paragraph, we are told what the auditor and board of directors are responsible for. Second paragraph contains a description of the project and mentions that standard accounting practices were considered the guideline. Third paragraph, an opinion of the auditor is given.

What are the elements of audit?

Describes the services provided (e.g., "we audited"). An audit of the financial statements is conducted. A list of statements and their dates. Statements are the responsibility of management. An auditor's opinion is his or her responsibility.

What are the factors the auditor must evaluate to understand it?

A financial reporting audit requires an auditor to grasp each of the controls at a client's company. Audit activities include control environments, risk assessments, information systems, assessments of client controls, and audit monitoring.

What factors should an auditor consider in determining whether financial statements are presented fairly in conformity with applicable financial reporting standards?

If an auditor believes that the financial statements present fairly an entity's financial position, results of operations, and cash flows, he or she must make a judgment looking at whether (a) the accounting principles selected and applied are generally accepted.

What are the factors to be considered in designing an audit sample?

A sample design, sample size, and test items selection. Audit procedures are being performed. Determining the cause and nature of deviations and misstatements. A statement that is inaccurately projected. Taking an audit sampling and evaluating the results.

Which of the following procedures would an auditor most likely perform before the balance sheet date?

A balance sheet auditor's most likely procedure is which of the following? ? A review of major travel and entertainment expenses can be done interim in nature. As appropriate, procedures can be applied to transactions that have occurred between the time of testing and the end of the test period.

Which of the following would not be considered an attest engagement subject to attestation standards?

A company that does not use attestation standards would not be considered to engage in attest engagements? ? In fact, SSARS does not require attestation for disclosure reviews of nonpublic companies' financial statements.

What are the 5 contents of an audit report?

There are a variety of Audit Report Contents that need to be clear and provide sufficient evidence to support the auditors' opinion, which includes the title of the report, who it was addressed to, the scope of the report, the opinion by the auditors, and the person signing the report.

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