Explain the statement All misstatements accumulated during the audit must be communicated to the appropriate level of

Question:

Explain the statement ‘All misstatements accumulated during the audit must be communicated to the appropriate level of management on a timely basis’.

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

Step by Step Answer:

Related Book For book-img-for-question

Principles of Auditing An Introduction to International Standards on Auditing

ISBN: 978-0273768173

3rd edition

Authors: Rick Hayes, Philip Wallage, Hans Gortemaker

See More Books

Question Posted: May 23, 2018 05:18 AM

See More Questions

MULTIPLE-CHOICE QUESTIONS 1. Complex judgments are found in what types of accounts? a. Asset accounts. b. Liability accounts. c. Income statement accounts. d. All of the above. 2. Which of the...
Audit committees are mandatory for all public companies. The AICPA and IIA have endorsed the formation of audit committees (or their equivalent) for most organizations, including governmental...
Multiple Choice 1. An independent audit aids in the communication of economic data because the audit a. Confirms the exact accuracy of managements financial representations. b. Lends credibility to...
The following information is computed from Fast Food Chains annual report for 2006. 2006 2005 Current assets $ 2,731,020 $ 2,364,916 Property and equipment, net 10,960,286 8,516,833 Intangible...
On January 1, 2015, Global Constructions Inc. signed a contract for constructing a mall with a client for $30 million over a period of three years. The costs of construction are estimated to be $24...
Which low-voltage series is fully electrically compatible with TTL?
Does buying Kashi cereal satisfy a consumers functional or psychological needs? How might this information help a Kashi brand manager better promote the product?
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees...
In the market for surfoands in the graph, with free tonde, the consumer suples is
In 2009, Jay Inc. and Vee Ltd., both Canadian manufacturing companies, decided to form a joint venture to build and operate a manufacturing plant in Asia. Their joint venture would have lower...
The auditor must determine how management makes the accounting estimates, and an understanding of the data on which they are based. What must the auditor determine?
Discuss circumstances involving related parties that contribute to higher risks of material misstatements than transactions with unrelated parties.
The half-life of C-14 is about 5730 yr. a. Archaeologists find a piece of cloth painted with organic dyes. Analysis of the dye in the cloth shows that only 77% of the C-14 originally in the dye...
Experiment 3 19. Now click on Circuit 5 and set the values for the Resistors and Voltage as follows: a. R1 =10.0 W, R2 = 20.0 W, R3 = 50.0 W, R4=50.0 W, V=10.0 V. b. Using the formula for adding...
This problem is based on the JA Tires data that was first introduced in problem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website or from the attached...
Based in Miramichi, New Brunswick, Abenaki Associates Ltd. has been providing information and computer software technology to First Nation customers for more than thirty years. Abenaki Associates is...
a = [1,2,3,4] b= a -1 print(b) What is the output? The code does not make errors. Q3. (10 pts) What is the output? The code does not make errors. n=3 for k in range (n) : for m in range (k):...
Rodriguez Corporation issues 12,000 shares of its common stock for $62,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...
In Exercises 13 through 20, find the slope and intercepts of the line whose equation is given and sketch the graph of the line. y = 5
Classify each of the following activities as proper or prohibited under the various consumer statutes you have studied. a. Calling a hospital room to talk to a debtor who is a patient there. b....
Illustrate how the reference group concept may apply in practice by explaining how you personally are influenced by some reference group for some product. What are the implications of such behavior...
Give two examples of recent purchases where the specific purchase situation influenced your purchase decision. Briefly explain how your decision was affected.
Give an example of a recent purchase in which you used extensive problem solving. What sources of information did you use in making the decision?
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
Prepare the adjusting journal entries and Post the adjusting journal entries to the T-accounts and adjust the trial balance. Dresser paid the interest due on the Bonds Payable on January 1. Dresser...
Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $11.50 per pound. If 3,900 units required 28,400 pounds, which were purchased at $10.92 per pound,...

Explain the statement All misstatements accumulated during the audit must be communicated to the appropriate level of

Question:

Step by Step Answer:

Generally if misstatements are found the auditor asks management to correct them If management corre...View the full answer

Principles of Auditing An Introduction to International Standards on Auditing

Students also viewed these Business questions