• Examination of data is more rapid;
• Examination of data is more accurate;
• The only practical method of examining large amounts of data;
• Gives the auditor practical acquaintance with live files;
• Overcomes in some cases a loss of audit trail;
• Relatively cheap to use once set up costs have been incurred;
• Improves the timeliness of the information provided or analysed.
• Assists the audit to select the sample items for large population.
• Automatic generation of the audit plans, programmes, schedule.
Kavungya answered the question on May 15, 2019 at 08:37
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Explain six ways in which audit software could be used in an audit.
(Solved)
Explain six ways in which audit software could be used in an audit.
Date posted:
May 15, 2019
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Answers (1)
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Summarise ten benefits that could accrue to the auditor from automating audit procedures
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Summarise ten benefits that could accrue to the auditor from automating audit procedures
Date posted:
May 15, 2019
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Explain how an auditor would carry out the verification of cash at bank.
(Solved)
Explain how an auditor would carry out the verification of cash at bank.
Date posted:
May 14, 2019
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Answers (1)
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a) List four audit .procedures you would perform on credit notes issued to customers upon
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b) Explain why it is important for an auditor...
(Solved)
a) List four audit .procedures you would perform on credit notes issued to customers upon
return of goods
b) Explain why it is important for an auditor to send a bank letter to his client's bank.
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Date posted:
May 14, 2019
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Describe the general considerations which the auditors must bear in mind when evaluating audit
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(Solved)
Describe the general considerations which the auditors must bear in mind when evaluating audit
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Date posted:
May 14, 2019
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Justify the use of previous year's financial statements while carrying out an audit assignment.
(Solved)
Justify the use of previous year's financial statements while carrying out an audit assignment.
Date posted:
May 14, 2019
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Answers (1)
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a) List four reasons for preparing audit working papers
b) Identify four types of information you would expect to -find in the following:-
i. Permanent audit file
ii....
(Solved)
a) List four reasons for preparing audit working papers
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ii. Current audit file
Date posted:
May 14, 2019
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Answers (1)
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a) Explain six limitations of gathering audit evidence.
b) Summarise three considerations that must be made for the external auditor to rely on the
work of the...
(Solved)
a) Explain six limitations of gathering audit evidence.
b) Summarise three considerations that must be made for the external auditor to rely on the
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Date posted:
May 14, 2019
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Answers (1)
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a) Standardisation of working papers refers to a predetermined Format of presenting and
documenting audit findings.
With reference to the above statement, discuss three advantages and three...
(Solved)
a) Standardisation of working papers refers to a predetermined Format of presenting and
documenting audit findings.
With reference to the above statement, discuss three advantages and three disadvantages
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Date posted:
May 14, 2019
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Answers (1)
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Distinguish between errors and frauds.
(Solved)
Distinguish between errors and frauds.
Date posted:
May 14, 2019
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Answers (1)
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List the circumstances that indicate the presence of errors, irregularities and frauds in an entity
(Solved)
List the circumstances that indicate the presence of errors, irregularities and frauds in an entity
Date posted:
May 14, 2019
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Describe the audit procedures you would carry out when auditing a charity organisations:
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(Solved)
Describe the audit procedures you would carry out when auditing a charity organisations:
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Date posted:
May 14, 2019
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Answers (1)
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a) Explain the matters that an auditor should consider during the planning stage °Ian audit
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b) Define the following audit risks:
i. Inherent risk:
ii....
(Solved)
a) Explain the matters that an auditor should consider during the planning stage °Ian audit
of a continuing client.
b) Define the following audit risks:
i. Inherent risk:
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c) Briefly describe the procedure an auditor could use to assess the risks in (b above in the
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Date posted:
May 14, 2019
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Answers (1)
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Explain three reasons that could lead to the failure of an audit planning process.
(Solved)
Explain three reasons that could lead to the failure of an audit planning process.
Date posted:
May 14, 2019
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Answers (1)
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Describe eight benefits of audit documentation.
(Solved)
Describe eight benefits of audit documentation.
Date posted:
May 14, 2019
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Answers (1)
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Differentiate the role of an accountant from that of an auditor.
(Solved)
Differentiate the role of an accountant from that of an auditor.
Date posted:
May 14, 2019
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Answers (1)
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(a) Highlight -five weaknesses of an audit conducted at the end of the financial period.
(b) Explain three fundamental differences between the work of internal auditors...
(Solved)
(a) Highlight -five weaknesses of an audit conducted at the end of the financial period.
(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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(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...
(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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(b) Differentiate between a continuous audit and an interim audit.
Date posted:
May 14, 2019
.
Answers (1)