Auditing graded questions solutions pdf

How do you assess the effectiveness of an audit committee?

In assessing their performance, audit committees should address two fundamental questions: Is the committee satisfied that it has effectively discharged its responsibilities as set out in its charter?.

How do you respond to an auditor question?

Honesty, sincerity, and straightforwardness should be the touchstones of your responses.
An auditor is looking for the truth.
A guess, even if it is an educated guess, is not the truth..

What are important factors to consider when developing an audit plan?

An audit plan must include:

What questions should I ask management in audit?

Ask Accounting Management

Why do we need to audit the system?

A system audit ensures that the entity's information system is effectively placed and working properly to support the cause of the management.
The key benefits include: Reduce the possibility of fraud and errors.
Improve efficiency in business operations..