Explain the relationship of tolerable misstatement, inherent risk, and control risk to planned tests of details of
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
If tolerable misstatement is low and inherent risk and control ...View the full answer
Answered By
Geoffrey Isaboke
I am an industrious tutor with a 5-yr experience in professional academic writing. I have passion for History and Music and I have good knowledge in Economics
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Question Posted:
Students also viewed these Auditing questions
-
Explain the relationship of performance materiality, inherent risks, and control risk to planned tests of details of balances.
-
The auditors assessed a combined inherent risk and control risk at 0.67 and said they wanted to achieve a 0.15 risk of failing to detect misstatements in an account with a material balance. What...
-
Distinguish between inherent risk and control risk. How do internal controls affect inherent risk and control risk, if at all? What is the role of detection risk?
-
Explain how to transform sin tan + cos into sec.
-
(a) Show that there is a line through any pair of points in the plane. (b) Generalize and show that there is a plane ax + by + cz + d = 0 through any three points in space.
-
Express the gross profit (GP) in money and as a percentage in the table below. (8 points) Selling Price Food Cost $10.00 $2.75 $12.50 $4.30 $7.95 $3.10 $14.90 $4.65 Gross Profit GP as %
-
Provide an example, real or imagined, of a hypothesis test for the difference between two means.
-
From the following data, construct an expenditure schedule on a piece of graph paper. Then use the income-expenditure (45° line) diagram to determine the equilibrium level of GDP. Compare your...
-
Austin Cindric won the 62nd Daytona 500 in February. If he paid back a $7,900 loan with $45 interest at 7.5%, what was the time of the loan? Note: Round days up. Do not round intermediate...
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
Why is it desirable to design tests of details of balances before performing tests of controls and substantive tests of transactions? State the assumptions that the auditor must make in doing so....
-
List the eight balance-related audit objectives in the verification of the ending balance in inventory and provide one useful audit procedure for each of the objectives.
-
An automobile manufacturer decides to carry out a fuel efficiency test to determine if it can advertise that one of its models achieves 30 mpg (miles per gallon). Six people each drive a car from...
-
What extent do cultural and societal factors influence the development and implementation of accountability measures in international contexts, and how can organizations adapt their practices to...
-
Article "the future of immigrant children " by Ron Haskins and Marta Tienda summarize a brief description on the policy brief
-
What are the key challenges in creating systems of accountability within governmental institutions, and how can these obstacles be effectively overcome to promote public trust and accountability ?
-
A trustee of a testamentary trust owns title to an apartment complex. The trustee also owns title to nine other apartment complexes in his individual name, not the name of the trust. While the...
-
Some parts of this question ask you to apply course concepts to the song I Can, by Nas. This is a rap song that contains elements of classical music, specifically Beethoven's F Elise. The artist raps...
-
Assume the same facts as in P4.9, except that P Co measures non-controlling interests as a proportion of identifiable net assets. Assume that the ordinary shares and stock options share...
-
From 1970 to 1990, Sri Lanka's population grew by approximately 2.2 million persons every five years. The population in 1970 was 12.2 million people.What is the best formula for P, Sri Lanka's...
-
Discuss the relationship between product adopter categories and the stages of the PLC. What are the implications for the marketer?
-
Callie Peters is completing the audit of MakingNewFriends.com for the year ended December 31, 2023. Callie has been the audit manager on this engagement for the past three years. MakingNewFriends.com...
-
The table below is an excerpt from Apple Inc.s Statement of Shareholders Equity for its fiscal year ended September 25, 2021: a. How would the auditor verify the balances as of September 26, 2020? b....
-
In your audit of Aviary Industries for calendar year 2023, you found a number of matters that you believe represent possible adjustments to the companys books. These matters are described below....
-
Henry is twice as old as Sam. Six years ago Henry was three times as old as Sam. How old is Henry now?
-
22+1 i) Find the residues of the function f(z) = 2(2-6) at its poles in the finite complex plane. ii)Using the residues in (i), evaluate the integral f dz 22+1 z(z-6) where C is a contour that...
-
4. Show using a truth table that ((p q)^(qr)) (pr) is a tautology. Justify your answer. 5. Use a truth table to verify p A (pV q) = p. Justify your answer. 6. Give a proof that (p-q)^(pr) and p (q^r)...
Study smarter with the SolutionInn App