How is this testing of controls carried out in an audit

Assignment Help Accounting Basics
Reference no: EM131790561

Question - If the preliminary assessment of control risk indicates that the risk may be below the maximum level and that assessment would reduce overall audit time and effort, then the auditor must test those controls further to determine the appropriateness of their design and effectiveness. How is this testing of controls carried out in an audit?

Reference no: EM131790561

Questions Cloud

What was mary lowest possible estate tax liability : Mary's estate had no deductions or adjusted taxable gifts. What was Mary's lowest possible estate tax liability
Calculate how much this one-time deposit : REQUIRED: Calculate how much this one-time deposit will be worth in 5 years assuming your investment earns 8% annually.
Discuss fixed selling and administrative expenses : Diego is considering eliminating the West region because an internally generated report suggests the region's total gross margin in the first year
Shares of common stock outstanding : The current share price is $23.26, and the book value per share is $9.86. Filer Manufacturing also has two bond issues outstanding.
How is this testing of controls carried out in an audit : If the preliminary assessment of control risk indicates that the risk may be below the maximum level, How is this testing of controls carried out in an audit
Annual credit sales : ABC Ltd currently has annual credit sales of $912,500 for which the average collection period is 30 days.
Describe the characteristics of products : Describe the characteristics of products which would suggest it would be better to use ABC as an indirect cost
What is the probability of admission rejected : Assuming the admission rate is still 6%, in a sample of 100 applicants to Harvard, what is the probability that exactly 5 will be admitted?
Accoding to efficient market hypothesis : Accoding to efficient market hypothesis 1) information can be bought and sold in market 2) market are quick and prices are right

Reviews

Write a Review

Accounting Basics Questions & Answers

  Suppose cardinal wants to earn 20000 this year determine

cardinal castles inc. makes one type of birdhouse that it sells for 30 each. its variable cost is 14 per house and its

  Cyclic activated-sludge system

Describe the Cyclic Activated-Sludge System, discuss its mode of operation and the potential benefits as an equipment option for an activated sludge unit to be designed into a batch wastewater pretreatment system.

  Explain criminology of place briefly explain rodney starks

explain criminology of place? briefly describe rodney starks theory of deviant neighborhoods and the broken windows

  The payback period should be five years or less use the

eco wet inc. a manufacturer of gears for lawn sprinklers is thinking about adding a new fully automated machine. this

  At least three recommendations you can make within the

At least three recommendations you can make, within the context of law and ethics, so each company can improve its financial health.

  What consolidated net income should parula report

On January 1, 2015, Parula Corporation owned 90% of the 14,400 outstanding shares of Sope Inc. What consolidated net income should Parula report for 2015

  Determine a journal article online regarding standard

find a journal article online about standard costing. in the subject line of your post include the title of the article

  What might the government allege

What might the government allege? Would this be a civil action or a criminal action? Would both be possible? What penalties or other relief might be granted?

  Magpie corporation uses the total cost concept of product

magpie corporation uses the total cost concept of product pricing. below is cost information for the production and

  Prepare contribution format segmented income statements for

Prepare contribution format segmented income statements for the total company broken down between sales territories. 1b. Prepare contribution format segmented income statements for the Northern Territory broken down by product line.

  Decreasing-charge depreciation methods

Differentiate between the decreasing-charge depreciation methods and the special depreciation methods, and suggest the method that would result in the highest depreciation during the first year of operations.

  What annual increase in income

If this value could be reduced to 50 days, what annual increase in income would your firm realize if the increase in cash could be invested at 7.5 percent?

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