Question
Revenue is recognized when shipped. Based on shipping dates, total revenue for 2018 is $1,372,637. The audit team has set overall materiality at $13,000. The
Revenue is recognized when shipped. Based on shipping dates, total revenue for 2018 is $1,372,637. The audit team has set overall materiality at $13,000.
The total dollar volume of AR that was not approved was $13,726.
Would you classify the authorization control deficiency identified above as material weakness, control deficiency or significant deficiency?
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
Financial Accounting Reporting And Analysis
Authors: Jennifer Maynard
2nd Edition
0198745311, 9780198745310
