Explain about the audit risk, Financial Management

Assignment Help:

Audit risk

Obtain understanding of accounting and internal control systems.
Sufficient to plan audit and develop effective audit approach.
Professional judgement to assess "audit risk "components.
Design procedures to ensure it's reduced to an acceptable low level.

"Audit risk": risk that auditor may give an inappropriate opinion on financial statements. Also called the "ultimate risk"

Related Discussions:- Explain about the audit risk

Assembling the divestiture team, Assembling the Divestiture Team: Dives...

Assembling the Divestiture Team: Divestment of a business requires a team of functional experts under the direction of an experienced project manager. The first and foremost ac

Define the modigliani and miller theory of dividends, What is the Modiglian...

What is the Modigliani and Miller theory of dividends? Explain. The Modigliani-Miller theory of dividends states that dividend theory is not relevant. They state that it is the

Explain the term - timing of benefits, Explain the term - Timing of Benefit...

Explain the term - Timing of Benefits A more significant technical objection to profit maximisation, as a guide to financial decision making, is that it ignores the differen

Chain index numbers, Chain Index Numbers So far, we have constructed in...

Chain Index Numbers So far, we have constructed index numbers with a fixed base. Sometimes, comparison between the current/given year and the base year becomes meaningless once

Explain to tr, TR has recently been promoted to his first management positi...

TR has recently been promoted to his first management position. In the past, he very much enjoyed working as part of a team, but is having some difficulty in adapting to his new ro

Explain calculation firm risk of a capital budgeting project, Explain how t...

Explain how to measure the firm risk of a capital budgeting project. The firm risk of a capital budgeting project calculates the impact of adding a new project to the existing pr

#scope or contents of financial functions, #what are the main points in sco...

#what are the main points in scope or contents of financial functions#

Define trustworthy collateral from the lenders perspective, What is trustwo...

What is trustworthy collateral from the lenders' perspective? Explain whether accounts receivable and inventory are trustworthy collateral. Assets which are readily marketable

Accounting framework - convention of conservation, Accounting Framework - C...

Accounting Framework - Convention of Conservation Conservatism refers to the principle and practices that are established through way of tradition, reluctance to change from e

Explain the term- trade receivable days, Explain the term- Trade receivable...

Explain the term- Trade receivable days (turnover) [Yearend trade receivables/Credit sales (or turnover)] x 365days It is the average length of time taken by customers t

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages