Explain the appropriate response to the controls test

Reference no: EM13721345

Please compute the accurate solution of the following Problem

Problem-Your preliminary assessment of control risk over cash disbursements is low. You base this assessment on the requirements that each cash disbursement be supported by a purchase requisition, a properly approved purchase order, an approved vender list, an invoice, and a receiving report that requires counting of incoming goods. The company has made 7260 purchases during the year. The tolerable deviation rate is 3% and the expected deviation rate is less than .25%. The appropriate risk of assessing control risk too low is 5%.

Part 1- What is the appropriate response to the controls test if no deviations are found?

I want help to explain the appropriate response to the controls test.

Reference no: EM13721345

Questions Cloud

Design a prototype for a standalone desktop : Design a prototype for a standalone desktop OR mobile/tablet application called EILA

Calculate the heat transfer required to cause the changes : A 1.5 m3 piston-cylinder assembly is filled with 0.75 kg of carbon monoxide (CO) at an initial pressure of 1 atm. Find the heat transfer [kJ] required to cause the changes stated.

Find the initial pressure at bar : A piston-cylinder contains oxygen gas that is initially at 77°C. The gas expands. Determine the initial pressure [bar] as well as the work and heat transfer [kJ/kg].

What is the car average acceleration : If a car accelerates from 5 m/s to 15 m/s in 2 seconds, what is the car average acceleration

Explain the appropriate response to the controls test : Your preliminary assessment of control risk over cash disbursements is low. What is the appropriate response to the controls test if no deviations are found?

Explain why does lambda max shift upon complication : I recently performed a macro cyclic synthesis (Heme Analog) Lab and we had to analyze the UV/Vis spectrum of the TPP product and TPP metal complex product. Why does lambda max shift upon complication?

Medical profession in the chosen country : Question 1: Provide the education requirements, job functions, and salary for your chosen medical profession in the chosen country. Question 2: Describe how these differ from the education requirements, job functions, and salary in the United State..

Write a term paper on transmitting electric power to homes : Write a term paper on Transmitting electric power to homes and businesses and Electric signals from the body- heart, head, muscles

Explain skills need to work in a learning organization : What skills will you need to work effectively in a learning organization, and a high-involvement organization. Be specific, generating long lists.

User Account

All Pages