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• Investigation of business risk enables the auditor to have a profound knowledge of the
business.
• The approach focuses the audit on to the high risk areas which are material to the
business.
• The approach adds value to the audit and enables'the auditor to offer some commercial
benefit to the audit.
• The previous emphasis on transactions and systems was expensive and uneconomic.
• The business environment and corporate governance issues and the nature of
management control, are all now more significant for and translate more quickly into the
financial statements.
• The approach tends to involve partners and senior managers much more in the planning
styles of an audit.
• The business risk review may show up area where the auditor can suggest that its highly
paid service can be offered the client.
• The pace of change in business in computing and communications means that companies
are much more at risk of failure than ever before.
Kavungya answered the question on May 14, 2019 at 12:47
- Explain the importance of audit planning.(Solved)
Explain the importance of audit planning.
Date posted: May 14, 2019. Answers (1)
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Describe eight benefits of audit documentation.
Date posted: May 14, 2019. Answers (1)
- In the context of International Standards on Auditing (ISA) 300 (Planning and Audit of Financial
Statements);
a) Explain when audit planning takes place
b) List four items that...(Solved)
In the context of International Standards on Auditing (ISA) 300 (Planning and Audit of Financial
Statements);
a) Explain when audit planning takes place
b) List four items that should be included in audit planning memorandum
c) i) Suggest four practical problems that could be encountered in implementing audit
plan.
ii) Explain four ways in which you would mitigate the effects of the problems
identified in (c) (i) above
Date posted: May 14, 2019. Answers (1)
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b) Explain six objectives of planning the audit work.
c) Describe four sources of information that could assist in...(Solved)
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b) Explain six objectives of planning the audit work.
c) Describe four sources of information that could assist in audit planning.
Date posted: May 14, 2019. Answers (1)
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b) An auditor shall establish...(Solved)
a) Identify five additional matters that an external auditor should take into consideration
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Date posted: May 14, 2019. Answers (1)
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Date posted: May 14, 2019. Answers (1)
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ii) Evaluate the drawbacks of conducting an interim audit in a business.(Solved)
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Date posted: May 14, 2019. Answers (1)
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(b) Explain three fundamental differences between the work of internal auditors...(Solved)
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(b) Explain three fundamental differences between the work of internal auditors and external
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Date posted: May 14, 2019. Answers (1)
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With reference to the above statement, list the...(Solved)
(a) It is essential that all members of an audit team fully understand the client's industry,
business and organisation.
With reference to the above statement, list the different ways that the knowledge implied
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(ii) Forensic auditing.
Date posted: May 14, 2019. Answers (1)
- Explain the importance of the following in the context of an audit:
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ii. Time budget.(Solved)
Explain the importance of the following in the context of an audit:
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Date posted: May 14, 2019. Answers (1)
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Discuss the case for and against outsourcing the internal and it function of an entity.
Date posted: May 14, 2019. Answers (1)
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Required;
List four duties of the auditor...(Solved)
(a) Section 162 of the Companies Act and related 7th Schedule to the Act deal with the auditor's
duties and rights.
Required;
List four duties of the auditor of a limited liability company that can be inferred From
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Date posted: May 14, 2019. Answers (1)
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(b) Discuss the potential benefits that could accrue to an organisation that sets up and
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(a) Define the term "audit committee."
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Date posted: May 14, 2019. Answers (1)
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b) Identify the matters that a new auditor would discuss with the management of a...(Solved)
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Date posted: May 14, 2019. Answers (1)
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Identify any four areas in which the external auditor must seek co-operation from an internal
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Date posted: May 14, 2019. Answers (1)
- Explain the guidelines that have been issued by the Institute of Accountants in your country,
to prevent the following matters from posing a threat to an...(Solved)
Explain the guidelines that have been issued by the Institute of Accountants in your country,
to prevent the following matters from posing a threat to an auditor's independence:
(i) Fees.
(ii) Personal and family relationships.
(iii) Loans_
(iv) Beneficial shareholdings.
Date posted: May 14, 2019. Answers (1)