Importance of second materiality assessment

Assignment Help Auditing
Reference no: EM1351135

Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?

Reference no: EM1351135

Questions Cloud

Find the speed of the bullet before impact : A 60.0 kg crate is slid up an inclined ramp 2m long onto a platform 1.6 m above the floor level. A 452 N force, parallel to the ramp, is needed to slide the crate up the ramp at a constant speed. How much work is done in sliding the crate up the r..
Explain contract to paint the rides at an amusement park : Explain contract to paint the rides at an amusement park and needed a paint that would protect against extensive wear, potentially harsh weather, and rust.
Typical cognitive development of a child : Describe the typical cognitive development of a child in the first two years of life.
What would happens to the market price of wheat : Suppose the market for wheat is perfectly competitive. Fed up with low prices, a wheat grower in Texas decides he won't take his output to market and, instead, dumps all his wheat into the Red River. What happens to the market price of wheat?
Importance of second materiality assessment : Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
Illstrate effect of capital formation by comparing : illstrate the effect of capital formation by comparing the prodution pissibility curves, at the present time and ten years in the future,for tow economies, one with the high and the other with the olw rate of capital formation.
Compute the total contribution margin : General Mills makes Wheaties, Cheerios, Betty Crocker cake mixes, and many other food products. Assume the product manager of a new General Mills cereal has estimated that the appropriate wholesale price for a carton of the cereal is $48.
What is the force constant of the spring : Calculate the location of the center of mass of the Earth-Moon-Sun system during a full Moon. A full Moon occurs when the Earth, Moon, and Sun are lined up. make Use of a coordinate system in which the center of the sun is at x=0 and the Earth and..
Defining population when sampling : What is the importance of defining the population when performing audit procedures? How would defining the population affect the sample size? How would incorrectly defining the population affect the sampling unit?

Reviews

Write a Review

Auditing Questions & Answers

  Fundamental concepts in internal control

Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Control system conditions

What are several conditions that may lead to fraud? To what type of fraud may these conditions lead? Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.

  Write journal entries for each transaction

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

  Controls over payroll in auditing

Describe in detail the controls over payroll in auditing.

  Identify the internal control reporting options

Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.

  Responsibilities for internal control in organization

In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.

  Internal control-not-for-profit organization

A not-for-profit organization periodically conducts focus groups of employees, service beneficiaries and governance board members to reevaluate its mission, vision, and values to determine the accuracy of the strategic statements to refine them wh..

  Critique current auditing standards

Explain how a licensed CPA (as an outside auditor) could be of value to your company. Critique current auditing standards. Analyze the importance of ethics in the audit process.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Internal control procedures

Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?

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