Relationship of acceptable audit risk

Assignment Help Accounting Basics
Reference no: EM13142873

Explain why an auditor is likely to set both inherent and control risks at 100% for most segments. And explain the relationship of acceptable audit risk to planned detection risk and the effect of planned detection risk on evidence accumulation compared with its effect if planned detection risk were larger.

Reference no: EM13142873

Questions Cloud

As you revisit these videos : As you revisit these videos/read the article, reflect on the concepts about motivation that are covered in this chapter. In part 1 of this assignment, describe in 250 words how these concepts/theories explain the behavior exhibited by the children wh..
Example of false memories in action : What do you now know about potential problems with false memories. Provide an example of false memories in action. How does this notion of false memories impact eyewitness testimony?
Find true proportion of adults like to travel outer space : A poll found that 329 out of 763 adults said they would travel to outer space in their lifetime, given the chance. Estimate the true proportion of adults who would like to travel to outer space with 92% confidence.
Find marens consumption in the two periods : Find Marens consumption in the two periods ( as a function of m1,m2 and r)3) If the interest rises, how will Maren chanhe her consumption in each of the two periodes
Relationship of acceptable audit risk : Explain why an auditor is likely to set both inherent and control risks at 100% for most segments. And explain the relationship of acceptable audit risk to planned detection risk and the effect of planned detection risk on evidence accumulation co..
Planning of fixed overhead costs : Which of the following pertains primarily to the planning of fixed overhead costs?
Analyze the various research methods : Analyze the various research methods employed in psychology to determine which research method seems the most applicable across the greatest number of situations.
What is the genotype frequency of homozygous : South Mountain Park in Phoenix, AZ, is the largest city park in the US. Among other fancy things, it is notable for its population of Chuckwallas, with the highest density reported.
Income statement for subscriptions revenue : In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax retur..

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the maximum price the company

Excluding the cost of the machinery, additional operating costs are expected to be $15,000 per year. If the firm requires a minimum 12% return on its investment, what is the maximum price the company can pay for this equipment?

  Economic life of the equipment

On January 1, 2011, Franklin Industries leased equipment on an eight-year term at $15,000 annual rental payments, paid in advance. There is a bargain purchase option on December 31, 2018 (end of lease), of $24,000. The economic life of the equipme..

  Why does it not maintain funds for each of major functional

Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds.

  Accounting engagement for acme company

CPA Smith completed an accounting engagement for the ACME Company on December 20, 20X1, and sent ACME a bill for $5,000 which ACME paid on January 25, 20X2. CPA Smith uses the cash basis of accounting

  Information about horizontal analysis

Comparative information taken from the Fogerty Company financial statements is shown below 2007 2006-Using horizontal analysis, show the percentage change from 2006 to 2007 with 2006 as the base year.

  Question on notes receivable journal entries

Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)

  Defined benefit plan-process of funding

In a defined-benefit plan, the process of funding refers to

  Compute the break-even point

In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.

  Company bulletin board system

A new sales representative, Mark Yount, has just received this copy of the month-end fincnail reports. He is puzzled by the term "unearned revenue." He left the following email message for you on the company's bulletin board system: What is this?

  Calculating deprciation expense

O'Bria Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.

  Income statements and financial performance of company

What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years?

  Calculate the effect of the adjustments

Calculate the ratios for 2014 as Gross Profit Margin B. Profit Margin, Return on Assets and Current Ratio - calculate the effect of each of the adjustments on the profit figure of $63,500 as shown in Michael's draft accounts.

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