Question

Question 30 (2 points) There is no need to worry about confidentiality when doing a virtual audit True False Question 31 (2 points) Which, if any, are problems commonly encountered during reporting and closure stage of an audit? "on the spot" corrective actions timely completion of issued CARS O in-depth root analysis and training All of the above none of the above

Answer 1

1) FALSE- ACCOUNTANTS HAVE THE RIGHT OF CONFIDENTIALLY, WHICH IS MENTIONED IN RULE 301 OF THE AICPA CODE OF PROFESSIONAL CONDUCT (CONFIDENCIAL CLIENT INFORMATION). A MEMBER IN PUBLIC PRACTICE SHALL NOT DISCLOSE ANY CONFIDENCIAL  INFORMATION WITHOUT CONFIRMING TO CLIENT. SAME RULES HAVE TO BE FOLLOWED BY AUDITOR. AUDITOR CAN NOT BREAK THE CONFIDENCIALITY WITHOUT SPECIFIC CONSENT FROM CLIENT.

2) ALL OF THESE- WHILE AUDITING AUDITOR HAVE TO TAKE UP MANY IMMEDIATE ACTIONS WHICH SHOULD BE ETHICAL SO THAT THE TRUST OF CLIENT'S MUST NOT BE HURT. THE TIMELY COMPLETION OF AUDITING CAN CREATE PROBLEM, AS SOMETIMES IT TAKES TIME TO AUDIT DUE TO SOME FACTORS LIKE CHANGING IN SOME POLITICAL POLICIES, TIMELY UNAVAILABILITY OF THE CONTENT THAT HAVE TO BE AUDITED AND MANY MORE FACTORS. IF AN AUDITOR DO NOT HAVE PROPER AND IN DEPTH KNOWLEDGE AND TRAINING OF AUDITING THEN THE AUDITING CAN NOT BE DONE PROPERLY AND THIS MAY LEAD TO WRONG PRACTICE. TO FIND THE AUDITOR WITH PROPER KNOWLEDGE IS A BIG PROBLEM THAT AUDITEE MAY FACE.