User Account

All Pages

Identify at least two errors from each statements

Assignment Help Accounting Basics
Reference no: EM132187505

Question - The following statements relate to general principles or terms used in the audit of financial statements. Identify at least two errors from each of the following statements (a) to (e), and then explain why these are errors and suggest corrections.

a) The objective of an audit of financial statements is to enable auditors to give a true and correct view in all respects in accordance with an identified financial reporting framework.

b) Fraud refers to an unintentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage. The primary responsibility for the prevention and detection of fraud rests with the auditors.

c) Terms of engagement

Auditors and their clients should agree on the terms of the engagement, which can be recorded either in the management representation letter or other suitable form of verbal contract.

d) Internal control weakness

Auditors should communicate material weaknesses in internal controls to shareholders by means of a report or letter. Directors or the management of the company have no rights to access the report or letter.

e) Audit working papers are the property of the audit client and theyare substitutes for the company's accounting records.

Reference no: EM132187505

Questions Cloud

Risks when considering a global expansion : Briefly explain or Identify the motivations and the risks when considering a global expansion for each of the four basic strategies, be specific.
Discuss about the cost of quality : Using the case study, take the role of the production manager and prepare a report for the board that either recommends the proposed changes or does not.
How do you plan to mitigate potential risk : What is the likelihood that your own job may be outsourced or off- shored? How do you plan to mitigate this potential risk?
Explain the advantages derived from the corresponding : Briefly explain Michael Porter's Diamond of National Advantage, and then apply the theoretical model to two Latin American industries
Identify at least two errors from each statements : Identify at least two errors from each of the following statements (a) to (e), and then explain why these are errors and suggest corrections
Comparing and contrasting both causation and correlation : Comparing and contrasting both causation and correlation is extremely important in any business decision-making process.
Corresponding point on a given function : What can a tangent line equation tells us about its corresponding point on a given function?
Management and organisation of a personal development : What are the principles and techniques involved in the management and organisation of a personal development plan and how this can reflect the organisation
What is the difference between an open system : What is the difference between an open system and a closed system in an organization?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What will be baldwin book value

If next year, assets decrease by $4,000,000 and liabilities increase by $2,000,000, what will be Baldwin's book value

  Amount of overhead cost allocated to each product

Assuming Smith uses direct labor as a company-wide allocate base before and after automation, what is the amount of overhead cost allocated to each product?

  Q1in this area we will discuss the significance of the

q1in this area we will discuss the significance of the accounting equation the rules of debit and credit and the steps

  Discuss detection risk and computer crimes

What procedures should be put in place in regard to detection risk and computer crimes

  In january 2011 a keona company pays 2800000 for a tract of

in january 2011 a keona company pays 2800000 for a tract of land with two buildings on it. it plans to demolish

  Part wy4 costs the eastern division of tyble corporation 26

part wy4 costs the eastern division of tyble corporation 26 to make-direct materials are 10 direct labor is 4 variable

  What are the expected cash receipts for each month

Scare-2-B-U (S2BU) specializes in costumes for all occasions. The average price of each of its costumes is $310.

  If junes estimated machine-hours total 4200 what are the

the following data is available regarding costs and

  Impairment in value prior to transfer

Assuming no impairment in value prior to transfer, assets transferred by a parent company to another entity it has created should be recorded by the newly created entity at the assets:

  Cash-basis method of accounting

Discuss some of the advantages or disadvantages of using the cash-basis method of accounting. Provide some examples.

  In the arnolds muffler example for the exponential

in the arnolds muffler example for the exponential distribution in this chapter the average rate of service was given

  Events involving a recent purchase of merchandise

Wade's Market recorded the following events involving a recent purchase of merchandise:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd