Explain concept of materiality

Assignment Help Auditing
Reference no: EM1354541

1) Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit.

2) What is audit risk and what is it composed of ?

3) What is the definition of audit evidence ?

4) Identify and describe one of the six factors that influence the reliability of audit evidence.

5) Identify an example of audit procedures and describe what it means

Reference no: EM1354541

Questions Cloud

Determine maximum value in ring if there is unique initiator : Design an algorithm that, under the standard set of assumptions (bidirectional links, total reliability, connectivity), determines maximum value in the ring assuming that there is a unique initiator.
Illustrate what effect did this decline : An average yearly rate of 10 to 11 percent in the late 1980s. Illustrate what effect did this decline have on.
Calculation of loan amount : Deflections, LLC, currently net leases its headquarters office building for $50,000 per month, and this lease has two years left to run.
Find the energy stored in the capacitor : A 45 kg girl is standing on a 130 kg plank. The plank, originally at rest, is free to slide on a frozen lake, which is a flat, frictionless surface. The girl begins to walk along the plank at a constant velocity of 1.33 m/s relative to the plank.
Explain concept of materiality : Explain the concept of materiality and describe one of the ways the concept of materiality is used in planning and performing the audit. What is audit risk and what is it composed of?
Early on interview process : What information is critical to collect at the outset of or early on in the interview process. Explain the upsides and downsides/concerns of having to gather this information and address related issues in a first session.
Find higher operating leverage : In its 2006 yearly report, the coca-cola company reported sales of $24.09 billion for fiscal year 2006 and 23.10 billion for fiscal year 2005. The firm also reported operating income of 6.31 billion
Working in a matrix versus a functional environment : Organizational Structures - Explain what's the difference between working in a matrix versus a functional environment?
Explain what are some of the key considerations healthcare : Explain What are some of the key considerations for healthcare professionals in dealing with AIDS? Discuss staff refusal to treat AIDS patients

Reviews

Write a Review

 

Auditing Questions & Answers

  Fraud examination and sas 99

Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.

  Audit program and purposes it serves

List at least eight different types of procedures an auditor would use in examining financial statements. For example, a type of procedure an auditor would use frequently is the observation of activities and conditions.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Audit report of california water services group

Obtain a 10-k report and an annual report for a public company (this may be in electronic form and/or hard copy form). Be sure that the 10-k report and the annual report are for the same fiscal year.

  Audits of high-risk clients

In audits of high-risk clients, determine which requirements in the AICPA's Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.

  Subsequent events-audit procedures

What general types of subsequent events require consideration and evaluation? What auditing procedures should he consider performing to gather evidence about subsequent events?

  Write journal entries for each transaction

Write journal entries for each transaction and What is Nicole's Getaway Spa's gross profit percentage?

  Designing tests of controls

Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:

  Internal controls related to cash

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?

  Confirming individual accounts receivable balances

In confirming individual accounts receivable balances, your client's customers reported the exceptions listed below. Which of these exceptions should be considered misstatements for evaluation purposes, assuming that misstatements are defined as

  Show the cash flows from investing and financing activities

Show the cash flows from investing and financing activities sections of the cash flows statement.

  Determining fraud detection

Identify and describe Reed's responsibilities to detect Smith's errors and fraud. Do not identify specific audit procedures.

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!

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