After the auditor determines detection risk, what is it used for?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance Services Understanding the Integrated Audit

ISBN: 978-0471726340

1st edition

Authors: Karen L. Hooks

See More Books

Question Posted: Oct 07, 2015 02:41 AM

See More Questions

MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements is true regarding the concept of materiality? a. Materiality is the magnitude of an omission or misstatement of accounting information...
Multiple Choice Questions The following questions deal with assessing control risk in a financial statement audit. Choose the best response. a. The auditor's tests of controls revealed that required...
MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements best describes what is meant by the term appropriateness of audit evidence? a. Appropriateness is a measure of the quality of audit...
Let B > 0. Show that the maximum of subject to the constraints x + this to conclude that f(x,...,xn) = X1 X2 Xn for all positive numbers a,..., an. . + xn = B and xj 0 for j = 1,. n occurs for x =...
A local telephone directory has 50,000 names, 100 per page for 500 pages. Explaining how you found and used random numbers, select 10 numbers to identify subjects for a simple random sample of 10...
Ohio Pipe Fitting Corporation has two divisions to which the following data pertain. The companys Missing Data; Improving RO] Tequired rate of return on invested capital is 8 percent. (LO 5,6) Dayton...
Vertical analysis (common-size) percentages for Palau Companys sales revenue, cost of goods sold, and expenses are listed here. Vertical Analysis 2017 2016 2015 LO15 Sales revenue 100.0% 100.0%...
Danna Martin, president of Mays Electronics, was concerned about the end-of-the year marketing report that she had just received. According to Larry Savage, marketing manager, a price decrease for...
a) Determine Macaulay duration of a bond that has a face value of $1000, an 8% annual coupon rate, and 4 years until maturity. The bonds YTM is 10%. b) what is the modified duration for this bond?
Le Monde Company is a manufacturer of chemicals for various purposes. One of the processes used by Le Monde produces HTP3, a chemical used in hot tubs and swimming pools; PST4, a chemical used in...
Give examples of accounts and classes of transactions that have greater inherent risk for specific assertions. Why is their inherent risk greater?
What does it mean that the auditor must consider not only whether a material misstatement has already occurred from a control deficiency, but also whether a material misstatement could have occurred?
Why do all organizations need to rely on groups and teams to achieve their goals and gain a competitive advantage?
Anna feels paralyzed by depression and anxiety. When she is able to sleep, her dreams are full of nightmares. If we learn that Anna is a refugee from the civil war in Syria: a. we can better...
PART 1 (35 MARKS) A pressure vessel is a specialized container designed to hold gases or liquids at significantly high pressures from the ambient pressure. These vessels play a critical role in...
EV9-1 Normal TIME TIME A 1x A TIME A Activity Normal Normal Maximum Crash Time Cost Crash Time Cost 100 A B C D E F B 3 C 4 B C B 1 3 4 3 4 3 150 200 200 200 150 D3 E 4 E D E 0 2 1 1 2 1 LL 3 F F 0...
Question 1: You overheard your investment advisor saying, "Don't put all the eggs into the same basket. Explain the meaning of this statement. Explain three (3) reasons of why your investment advisor...
* * Audit Procedures for Auditor's Responsibility for Risk Assessment * * In auditing, risk assessment is a critical phase where auditors identify and evaluate risks that may impact the financial...
A woman wishes to sell a car within the next 4 weeks. She expects to receive one bid or offer each week from a prospective buyer. The weekly offer is a random variable, which has the following...
Show that every group G with identity e and such that x * x = e for all x G is abelian.
According to federal income tax laws, to be includible in the income of the recipient and deductible by the payer, alimony payments pursuant to a divorce or separation agreement executed prior to...
What are the short- term effects and the long- term effects of improperly capitalizing expenditures on the financial statements?
How can purchasing managers use their position to defraud the company? What can be done to prevent it?
How can purchasing managers use their position to defraud the company? What can be done to prevent it?
Based on the regression output (below), would you purchase this actively managed fund with a fee of 45bps ? Answer yes or no and one sentence to explain why.
What is the yield to maturity on a 10-year, 9% annual coupon, $1,000 par value bond that sells for $967.00? That sells for $1,206.10?
1)Prepare the journal entry to record Tamas Companys issuance of 6,500 shares of $100 par value, 9% cumulative preferred stock for $105 cash per share. 2. Assuming the facts in part 1, if Tamas...

After the auditor determines detection risk, what is it used for?

Question:

Step by Step Answer:

Audit risk comprise of three major risks detection risk inheren...View the full answer

Auditing and Assurance Services Understanding the Integrated Audit

Students also viewed these Auditing questions