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Answer each of the following:
1 Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be?
2 The auditor has decided that they will use a larger sample for confirmations at year end. What is the level of detection risk?
3 Control risk has been assessed as low and detection risk is high. What type of substantive procedures are the auditors more likely to use?
4 Control risk has been assessed as low and detection risk is high. What size sample are the auditors more likely to use?
5 The auditor has decided that they will do more tests of details of balances and use larger samples. What is the likely level of control risk?
6 The auditor has been comparing the customer closing balances with the balance in the control account for a large sample of customers at year end. What is the level of control risk and detection risk?
Why might planning materiality differ from the materiality level used in evaluating audit findings? What official quantitative guidelines exist for financial statement materiality? Identify one of the quantitative guidelines commonly used in practi..
Technological changes could have helped in this case. As technology continues to develop and evolve, companies must strengthen their controls.
What was the value of stock when it was purchased and when it was sold and given the uncertainty surrounding the collectability of the note, did an exchange occur? How do we account for the different scenarios, exchange or no exchange?
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
The CEO threatens to change auditors unless an unqualified opinion is issued and each member of the audit team received a holiday cruise as a gift from the client
a companys current net operating income is 16800 and its average operating assets are 80000. the companys required rate
understanding planning stage of the audit process rreview of client business and perform audit risk analysisassume that
What costs are a firm trying to balance when it decides on how much safety stock to hold? What are some accounting changes that a firm should make if it decides to implement a JIT inventory management system? Why are those changes necessary?
you are an audit senior of kca a boutique three partner firm with 20 staff. it is 16 july 2013 and your firm has
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
Research the following Safety, Health, & Environmental Auditing processes
Presented below is information related to Kienholz Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at ..
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