Lendi Institute Of Engineering And Technology Interview Questions and Answers

The basic professional requirement for an audit is a Certified Public Accountant (CPA) license.

• CPA license is required to perform audits

• CPAs must adhere to professional standards and ethics

• Continuing education is necessary to maintain CPA license

GAAS is applied in internal audit to ensure the audit is conducted with integrity, objectivity, and independence.

• GAAS (Generally Accepted Auditing Standards) provide guidelines for conducting audits in a consistent and thorough manner.

• Internal auditors must adhere to GAAS to ensure the audit is conducted with integrity, objectivity, and independence.

• GAAS includes standards related to planning, performing the audit, and reporting the results.

• Examples of GAAS application in int...read more

Auditing will start at the beginning of the next fiscal year.

• Auditing typically starts at the beginning of the fiscal year to review the previous year's financial records.

• The exact start date may vary depending on the organization's financial calendar.

• Auditing may also be triggered by specific events such as mergers, acquisitions, or regulatory requirements.

The base for auditing is the examination of financial records and transactions to ensure accuracy and compliance with laws and regulations.

• Auditing involves reviewing financial statements, transactions, and internal controls.

• Auditors assess the risk of material misstatement in financial reporting.

• They gather evidence to support their audit opinions.

• Auditing standards, such as GAAS and PCAOB, provide guidelines for conducting audits.

• Auditors must maintain independence and obje...read more

Auditing is essential to ensure accuracy, reliability, and integrity of financial information.

• Auditing helps to detect and prevent fraud and errors in financial statements.

• It provides assurance to stakeholders that the financial information is accurate and reliable.

• Auditors evaluate internal controls to ensure compliance with laws and regulations.

• Auditing helps to improve operational efficiency and effectiveness.

• It enhances the credibility and trustworthiness of the organizat...read more