Explain why inherent risk is set for audit objects for segments (classes of transaction, balances, and presentation
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
Inherent risk is set for audit objectives for segments rather than for the overall audit because m...View the full answer
Answered By
Talha Talib
I am a member of IEEE society. As i am a student of electrical engineering badge 17 but beside of this i am also a tutor in unique academy. I teach calculus, communication skills, mechanics and economics. I am also a home tutor. My student Muhammad Salman Alvi is a brilliant A-level student and he performs very well in academics when i start to teach him. His weak point was mathematics but now he is performing well in mathematics. I am a scholarship holder in Fsc as i scored 1017 marks in metric out of 1100. Later on i got scholarship in Punjab Group of Colleges. I got 2nd position in robotics competition in 2018 as my project home automation select for the exhibition in Expocentre.
4.60+
23+ Reviews
62+ Question Solved
Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0133125689
15th edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
Question Posted:
Students also viewed these Auditing questions
-
Explain why inherent risk is set for segments rather than for the overall audit. What is the effect on the amount of evidence the auditor must accumulate when inherent risk is increased from medium...
-
Explain why inherent risk is estimated for segments rather than for the overall audit. What is the effect on the amount of evidence the auditor must accumulate when inherent risk is increased from...
-
Explain why inherent risk is estimated for specifi c accounts rather than for the overall audit. What is the effect on the amount of evidence the auditor must accumulate when inherent risk is...
-
Harpo Marks Corporation produces and sells forklift trucks. Model 17A (the Chico) has a list price of $ 70,000. The production cost for the 20 finished Chicos in inventory at the end of 20X4 was $...
-
A study of postoperative pain relief is conducted to determine if drug A has a significantly longer duration of pain relief than drug B. Observations of the hours of pain relief are recorded for 55...
-
Bakery Division is currently purchasing organic heavy cream from an outside supplier. The company's Dairy Division, which has no excess capacity, makes and sells organic heavy cream for external...
-
Water at \(20^{\circ} \mathrm{C}\) is flowing down a \(3.0 \mathrm{~m}\) long vertical plate at a volumetric flow rate per meter of plate width of \(q=0.000005 \mathrm{~m}^{2} / \mathrm{s}\)....
-
SMC Company purchases a building for $100,000. Included in this cost are $12,000 for electrical systems and $15,000 for the roof. The building is expected to have a 40-year useful life, but the...
-
Dimas, age 6 0 , is a senior executive of a large appliance manufacturer, where he has worked for over 2 5 years. He belongs to the company s deferred profit sharing plan. Part of his DPSP...
-
Suppose that nonlinear devices are available for which the output current i o and input voltage v i are related by i o = a 1 v i + a 3 v 3 i , where a= and a 3 are constant. Explain how these devices...
-
Assume materiality for the financial statements as a whole is $100,000 and performance materiality for accounts receivable is set at $40,000. If the auditor finds one receivable that is overstated by...
-
Explain why there is an inverse relationship between planned detection risk and the amount of evidence an auditor collects for a specific audit objective.
-
Caspari Companys chart of accounts includes the following selected accounts. 101 ..........Cash 112 ..........Accounts Receivable 120 ..........Inventory 311 ..........Common Stock 401...
-
This is an in-class activity Each student will present his/her work to the class A hospital ABC is migrating their applications and servers to public cloud and are planning to use Amazon as their...
-
238 (b) If 1.4 kg of Pu is required to power the spacecraft's data transmitter, for how long after launch would scientists be able to receive data? Round to the nearest year. Do not round...
-
As the Internet has developed, it has greatly influenced responses to business crises. For organizations, what are the challenges and advantages in managing a crisis? What do you think about the role...
-
A survey of 45 computer technicians found that 20 like the Java language, 15 like the Python language, and 7 like both languages. How many computer technicians like neither language? Provide your...
-
Clearly developed thesis statement that takes a position in response to what's college for An introductory paragraph that presents the thesis statement and frames the thesis within the context of a...
-
Perform the experiments in Problems 48-51, tally your results, and calculate the probabilities (to the nearest hundredth). Toss a coin 100 times. Make sure that, each time the coin is flipped, it...
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
Define a construct. What are some questions to ask that will help formulate constructs?
-
Distinguish between generally accepted auditing standards and generally accepted accounting principles, and give two examples of each.
-
The first standard of field work requires the performance of the audit by a person or persons having adequate technical training and proficiency as an auditor. What are the various ways in which...
-
Generally accepted auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit. The critics believe the standards should be more...
-
Calculate the finance charge loan 1 6 , 5 0 0 months of loan 3 6 monthly payment $ 5 3 5 what's the finance charge
-
What is the first question to ask when determining the type of control chart to use for particular type of data? A. Will variable or attribute data be displayed? b. Will the sample size be constant?...
-
Segn la Oficina del Censo de EE. UU., la "mediana edad" se sita entre ___ y ___ aos. 30,60 45,64 35,55 40,60
Study smarter with the SolutionInn App