User Account

All Pages

Determining materiality

Assignment Help Accounting Basics
Reference no: EM13818562

Determining Materiality

What is considered material by you may not be material from your fellow auditors' perspective. You will explore how to determine what materiality levels are so that your audit team is in agreement.

Throughout an audit, for all purposes, the material amount is defined as $500,000.

  • Do you think that one materiality amount can be set for an entire company?
  • If so, is $500,000 too high or too low?
  • If you disagree, what would be your suggestion for determining materiality? Explain your reasoning.

Reference no: EM13818562

Questions Cloud

Effect of the sale of the season tickets : Write the journal entry or use the horizontal model to show the effect of the sale of the season tickets. Write the journal entry or use the horizontal model to show the effect of hosting a home football game.
Define incorporation theory : Define incorporation theory
Analyze key elements of training and development geared : Analyze key elements of training and development geared toward improving the performance of the specific small business for which you are consulting.
Present a brief overview of the company : Expanding operations requires research and planning; this is especially true when dealing with crossing borders to other regions and countries. During this first project assignment, the focus is to conduct background research on your chosen compan..
Determining materiality : What is considered material by you may not be material from your fellow auditors' perspective. You will explore how to determine what materiality levels are so that your audit team is in agreement.
External confirmations for accounts receivable : Why should auditors use external confirmations for Accounts Receivable? Discuss positive and negative confirmations and their use. Can confirmations mailed but not received be used as audit evidence? What should an auditor do if responses for conf..
What are the strengths and weaknesses of each competitor : What are the strengths and weaknesses of each competitor. How good are its products. How much does each one spend on R&D. How big is each sales force. How performance-driven is each culture.
How to assess country potential : How to assess country potential through an analysis of risks and opportunities. How to identify the best market entry strategy based on the business type and host country business environment (this includes the level of economic integration between h..
Agency power combines the executive and legislative powers : Imagine a Libertarian is voted into the White House at the next presidential election. Speculate what this could do for any agency's judicial review process. Evaluate Bring v. North Carolina State Bar. Apply the court's ruling on delegation to anothe..

Reviews

Write a Review

Accounting Basics Questions & Answers

  When a company uses the allowance method of accounting for

1. when using the direct write-off method of accounting for uncollectible receivables the account allowance for

  The genesis operations management team was excited to

the genesis operations management team was excited to understand the various options for securing financing to fund the

  Kinsley and sons has sales of 185 million they had earnings

kinsley and sons has sales of 185 million they had earnings of 13 million. the web sales department is considering a

  How much income before income taxes would be reported if

stanley corporation produces a single product. the following is a cost structure applied to its first year of

  A shavon company has total fixed costs of 6000000 and

a shavon company has total fixed costs of 6000000 and total variable cost of 3000000 at a volume level of 300000 units.

  Investigation of a tax problem

Investigation of a tax problem that involves a closed-fact situation means that:

  The entry to replenish the petty cash fund debited supplies

1 robbins supply journal entry to establish a 100 petty cash fund for the office would include a a credit to petty cash

  Respective businesses and form starling corporation

Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and value of $150,000) for 150 shares in Starling Corporation.

  Slater college accounting eleventh edition chapter 5 mini

slater college accounting eleventh edition chapter 5 mini practice setsullivan realty.does anyone have this work done

  What is the cash flow to creditors

Zigs Industries had the following operating results for 2011: sales = $27,960; cost of goods sold = $19,360; depreciation expense = $4,940; interest expense = $2,190; dividends paid = $1,050.

  Percent of sales method of accounting

The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred:

  The whitton company uses a discount rate of 16 the company

the whitton company uses a discount rate of 16. the company has an opportunity to buy a machine now for 18000 that will

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