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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?
Course: AP/ADMS 4551 Auditing: and Other Assurance Services, What is the auditor's responsibility for discovering this type of embezzlement.
Design tests of controls, substantive tests of transactions, and analytical procedures for the following Apollo Shoes cycles:
Explain the strategic management process within the global environment. Conduct various environmental analyses as they relate to an organization. Formulate strategies and potential strategic alternatives for different situations. Use effective commun..
Define lapping and give an example. What is a substantive test of transactions? How would it be applied to accounts receivable an inventory?
Auditors cannot say that the books have been done 100% correctly because they cannot possibly look over every part of them. They instead give an opinion based on a sampling of the information
Audit evidence, rank the items in terms of their reliability - auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case
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Discuss the implications of the IRS investigation , if any, relative to Marshall and Wyatt's examination of Interstate's 20X4 financial statements. Discuss any additional investigative procedures that the auditors should undertake or any audit jud..
Propose a broad audit plan
International Standards on Auditing (ISA) have been approved by the International Auditing and Assurance Board (IAASB). Recently, the IAASB has issued a number of proposed ISAs for comment
You're the auditor for Busy Butterfly Corporation, whose management asserts that its internal controls are effective. While performing your audit of Busy Butterfly Corporation
Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.
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