Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 18, 2024

a.Explain what is meant by the following? (3 marks) Item Explanation Low acceptable audit risk Low assessed control risk for a transaction-related audit objective, e.g.

a.Explain what is meant by the following?

(3 marks)

Item

Explanation

Low acceptable audit risk

Low assessed control risk for a transaction-related audit objective, e.g. occurrence of sales

High inherent risk for a transaction-related audit objective, e.g. completeness of sales

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

10th edition

978-1-119-3061, 1119306167, 978-1119444367

More Books

Students also viewed these Accounting questions

Question

★★★★★

Andrea grew up enjoying her Italian grandmother's home-cooked meals. Chicken and pasta with meatballs were her favorite foods. But after Andrea graduated from college, found a job, and got married,...

Answered: 1 week ago

Question

★★★★★

What is a latent design defect?

Answered: 1 week ago

Question

★★★★★

Articulate the arguments for and against clinical psychologists gaining prescription privileges.

Answered: 1 week ago

Question

★★★★★

Bridget Krumb, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $190,000. All purchases and sales were on account. Krumb later collected 25% of the accounts receivable. 1....

Answered: 1 week ago

Question

★★★★★

ignment S Flint Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing...

Answered: 1 week ago

Question

★★★★★

If the production possibility frontier shifts to the right and parallel, this reflects: an increase in resources none of these a reduction of resources--such as in a time of war an increase in...

Answered: 1 week ago

Question

★★★★★

Suppose a Dover store in Madison, Missouri, ended September 2021 with 600,000 units of merchandise that cost $8 each. Suppose the store then sold 110,000 units for $990,000 during October. Further,...

Answered: 1 week ago

Question

★★★★★

We have made the system of a production line that works full 24 hours for 7 days a week. We wanted to estimate the average queuing time of parts before a machine and for this reason we built a...

Answered: 1 week ago

Question

★★★★★

Margaret Dairy is a CPA and the managing partner of Dairy and Cheese, a regional CPA firm located in northwest Wisconsin. She just left a meeting with a well-respected regional credit union...

Answered: 1 week ago

Question

★★★★★

QUESTION 5 Company X has just produced the first unit: Direct material cost Direct manufacturing labor-hours Direct manufacturing labor cost per labor-hour $160,000 6,000 $30 $20 Variable...

Answered: 1 week ago

Question

★★★★★

based on the book risk upfront can you help me understand What are the four parameters that affect behavior, result, and narrative, and what they mean?

Answered: 1 week ago

Question

★★★★★

Kindly explain also. I'll upvote 5. Consider the following linear population regression model yi = Bxi + 6 , where y, is the dependent variable, x/ is true but unobserved regressor of interest, and ;...

Answered: 1 week ago

Question

★★★★★

2. In this chapter, the reader should reflect on the following concepts: feedback and flexibility as a basis for change, intention and communication as a basis for change and behavioural patterns as...

Answered: 1 week ago

Question

★★★★★

Always have the dignity of the other or others as a backdrop.

Answered: 1 week ago

Question

★★★★★

1. There are two purposes in this chapter. The first is to break out of habits that have a limiting effect on ones own ability to change. Secondly, it is to understand how the cleaning affects the...

Answered: 1 week ago

Previous Question Next Question