What is the main concern of the accounting profession in relation to an increase in the level

Question:

What is the main concern of the accounting profession in relation to an increase in the level of assurance required for audits?

(a) Their time budgets will become tighter.

(b) It will increase their exposure to liability.

(c) It is not what an audit is designed to achieve.

(d) It will not sufficiently satisfy users’ needs.

Choose the best answer.

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

Step by Step Answer:

Related Book For book-img-for-question

Modern Auditing

ISBN: 9780471230113

1st Edition

Authors: Graham Cosserat

See More Books

Question Posted: May 05, 2024 05:01 AM

See More Questions

Journalize the following transactions assuming periodic inventory system. Jan 5 Purchased merchandise from ABC Co., $8,000, terms FOB shipping point, 2/10, n/30. Prepaid transportation costs of $170...
a large plane wall is composed of 2 0 cm layer of refractory brick ( k = 1 . 3 W / mK ) and a 5 cm layer of insulating material with thermal conductivity varying as k = 0 . 0 3 5 + 0 . 0 0 1 7 T . If...
Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...
For the following situations, comment on whether inspection by variables or by attributes might be more appropriate: a. Filling packaged food containers to the proper weight. b. Inspecting for...
A classic problem in management of forests is determining when it is most economically advantageous to cut a tree for lumber. When the tree is young, it grows very rapidly. As it ages, its growth...
A friend looks at the graph of y = x 2 and observes that if you start at the origin, the graph increases whether you go to the right or the left, so the graph is increasing everywhere. Explain why...
Imagine that a space alien descended down to Earth and actually uttered the famous line, Take me to your leader! Having read a bit about leadership, your group knows that leaders come in a number of...
As completely as possible, analyze the campaign according to the steps listed in the chapter for developing effective marketing communication. This year, PepsiCo did something that shocked the...
Parent Company acquired 90% of voting stock of Sub. Corporation on January 1, 2014 for $90,000 when Sub had Capital Stock of $50,000 and Retained Earnings of $10,000. The excess of fair value over...
What provides the highest level of assurance? (a) Audit. (b) Agreed-upon procedures. (c) Review. (d) It depends on the nature of the engagement. Choose the best answer.
What would not be described as part of the conformance role of auditing? (a) Evaluate reasonableness of business plans. (b) Check that the organisation complies with statutory matters. (c) Ensure the...
Thirty percent of last years graduates from a university received job offers during their last semester in school. What are the two complementary events here and what are their probabilities?
The pipe assembly is mounted vertically as shown in (Figure 1). Part A Figure 200 mm 80 mm- 1.2 m Determine the pressure at A if the velocity of the water ejected from B is 0.77 m/s. Express your...
Suppose you were asked to estimate the probability that your coin came up "Heads" from your observations. Provide such an estimate including a 90% confidence interval. Explain your calculations.
Given the following C++ code snippet, what is the value of num3? Your answer must be exact. int num1, num2, num3; int *p_num1 - &num1; int *p_num2 &num2; *p_num1 15; *p_num2 10; * num3 = *p_num1...
# 1. On April 1, C.S. Lewis Company borrows (Notes payable) $70,000 from Lyon National Bank by signing a 3 month 8% note. Prepare the journal entries to record: a) the issuance of the note b) the...
Find and correct the program below, check your answer by running the script 1. 2. #include int main() 3. { 4. float Number1; 5. double Number2; 6. 7. 8. printf("Enter a number: "); scanf("%f",&num1)...
What are contingent liabilities ? What audit procedures are used to gather evidence related to them?
Explain why it is not wise to accept a null hypothesis.
A health insurance policy pays 70% of physical therapy costs after a deductible of $300. In contrast, an HMO charges $20 per visit for physical therapy. How much would a person save with the HMO of...
The income statement for the current year is as follows: Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense: Other operating expense Total operating expense Operating...
.. yy This is a very simple and inexpensive method. However, it is not precise. Its quality heavily depends on the experience and ability of the buyer to judge the situation. As compared to other...

What is the main concern of the accounting profession in relation to an increase in the level

Question:

Step by Step Answer:

b It will ...View the full answer

Modern Auditing

Students also viewed these Business questions