How does the auditors decision on materiality relate to audit risk?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
In theory the materiality decision how much precision is required in the audit opinion is inde...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted:
Students also viewed these Auditing questions
-
How does the auditor determine whether marketable securities are properly classified as short-term securities or long-term investments? What are the accounting implications of the classification as...
-
How does the auditor read and evaluate information that is available only in machine-readable form?
-
How does the auditor investigate disclosures for debt, pension and postretirement benefits, and taxes?
-
John and Jane Darling are newlyweds trying to decide among several available rentals. Alternatives were scored on a scale of 1 to 5 (5 best) against weighted performance criteria, as shown in Table....
-
(a) If g(x) = 2x + 1 and h(x) = 4x2 + 4x + 7, find a function f such that f o g = h. (Think about what operations you would have to perform on the formula for to end up with the formula for h.) (b)...
-
Evaluate the quality of the following pieces of audit evidence, suggesting how each could be used during an audit. (a) A written assurance from the clients managing director. (b) An analysis of...
-
What are the design parameters that Mintzberg describes, and what are the types of organizations in his typology? LO.1
-
Background: A new ownership group has recently purchased ABC Liquors. You have been hired by the new management team to analyze their sales data for the past year and provide them with insights about...
-
1. Alyssa, as a full-time GRADUATE student, wamts to received the education credit. What form is used to calculate the credit and what 1040 schedule and line number is used to post the credit amount?...
-
Which reactant in each of the following pairs will undergo an elimination reaction more rapidly? Explain your choice. a. b. - - (CH3)C 20 CH, CH30- CH3OH CH3 Br 3 CH3o Br CH3OH
-
What is the difference between audit risk in an overall sense and audit risk applied to individual account balances?
-
How can the risk model be expanded to incorporate limitations to the audit that arise from accounting and other business risks?
-
What is covered by Regulation S-X? LO7
-
Presented below is information related to Rembrandt Inc's inventory, assuming Rembrandt uses lower-of-LIFO cost- or-market. (per unit) Skis Boots Parkas Historical cost $190.00 $106.00 $53.00 Selling...
-
7. Below is a UML model describing a typical organization of class modules taken by students: A student can take several modules. (Note that a module is offered even if it is not taken by any...
-
Beswick Limited manufactures mountain and road bikes. The trial balance at 3 1 December 2 0 2 0 was as follows: Dr Cr Revenue 3 , 5 6 4 , 3 0 0 Purchases 1 , 5 7 8 , 2 5 0 Inventory on 3 1 / 1 2 / 1...
-
Kubin Company's relevant range of production is 10,000 to 12,000 units. When it produces and sells 11,000 units, its average costs per unit are as follows: Average Cost per Unit $ 7.10 Direct...
-
Smithen Company, a wholesale distributor, has been operating for only a few months. The company sells three products-sinks, mirrors, and vanities. Budgeted sales by product and in total for the...
-
How might Honda, as set out in the mini case at the beginning of this chapter, divide their annual budget across the media? What issues might arise in this process?
-
Refer to the information from Exercise 22-19. Use the information to determine the (1) Weighted average contribution margin , (2) Break-even point in units, and (3) Number of units of each product...
-
Does a pound of lipid (such as fat or oil) really store more energy than a pound of carbohydrate? Examine the nutrition labels on a bag of sugar and a stick of butter or a bottle of cooking oil. How...
-
Which of the following procedures is part of the audit completion work? a. Risk assessment. b. Control testing. c. Overall evaluation of the financial statements. d. Preparation of the cash flow...
-
Which of the following is not required by CASs? a. Management representation letter. b. Lawyers letter. c. Management letter. d. Engagement letter.
-
What is a person using when they apply professional judgment in an audit engagement?
-
Sociology
-
I am unsure how to answer question e as there are two variable changes. In each of the following, you are given two options with selected parameters. In each case, assume the risk-free rate is 6% and...
-
On January 1, Interworks paid a contractor to construct a new cell tower at a cost of $850,000. The tower had an estimated useful life of ten years and a salvage value of $100,000. Interworks...
Study smarter with the SolutionInn App