What is meant by the phrase, Audit documentation ought to stand on its own? What is the

Question:

What is meant by the phrase," Audit documentation ought to stand on its own"? What is the importance of this concept?

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

Step by Step Answer:

Related Book For book-img-for-question

Auditing a business risk appraoch

ISBN: 978-0324375589

6th Edition

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

See More Books

Question Posted: Dec 29, 2012 05:56 AM

See More Questions

What is meant by the statement audit documentation ought to stand on its own? What is the importance of this concept?
What is meant by the phrase units started and completed? Why is this phrase more closely associated with the first-in, first-out method of process costing than with the weighted average method?
What is meant by the phrase different costs for different purposes?
Westile Company buys plain ceramic tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock...
How is cutting speed related to tool wear?
TIME TO REACH A FINANCIAL GOAL You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000. You expect...
Explain why changing the discount rate allows the central bank to manipulate interest rates.
Schrager Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,930, Work in Process-Cutting $3,670, Work in Process-Assembly $11,110, and...
Exercise 5-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross Sales discounts $ 250,000 Sales returns and...
Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reeses current benefit analysis is as follows: Compute the benefit analysis assuming: 3 percent increase in pay. ...
Many organizations are consciously eliminating paper documents by integrating their computer system with those of their suppliers and customers. Paper documents, such as purchase orders, are being...
Assume an auditor wishes to estimate an account balance by reference to outside data or other information generated from outside the accounting system. Under what conditions would such a procedure...
Chlorine can be produced in the laboratory by the reaction of hydrochloric acid with excess manganese(IV) oxide. How many moles of HCl are needed to form 12.5 mol Cl 2 ? 4HCl(aq) + MnO(s) Cl(g) +...
MTB Surfboards has a P / E of 2 0 . The discount rate for this firm is 3 0 percent. They had earnings of $ 2 , 0 0 0 , 0 0 0 and 1 0 0 , 0 0 0 shares of common stock outstanding. What should be the...
Question 4 (20 marks) Laboratory 4: Superposition Theorem Objectives: 1. Understand the principles of a Superposition Theorem 2. Determine the characteristics of a Superposition Theorem...
2 Ursala, Inc., has a target debt-equity ratio of .65. Its WACC is 10.4 percent, and the tax rate is 23 percent. a. If the company's cost of equity is 14 percent, what is its pretax cost of debt? b....
Thinking about Nike's corporate practices, discuss your approach to starting a company that outsourced labor in order to reduce manufacturing costs. What decisions would you make to combine...
Owen Properties recently purchased a building in a community that is eligible for participation in the National Flood Insurance Program (NFIP). Under the regular program of the NFIP, the maximum...
The value of closing stock approximates to the market value under: (a) FIFO (b) LIFO (c) NIFO (d) HIFO
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
Hanks home is burglarized on December 22, 20X14. Personal property with a fair market value of $40,000 and an adjusted basis to Hank of $25,000 is stolen. Hank paid an independent appraiser $700 on...
Provide examples of the subject matter of an assurance engagement.
Refer to Exhibit and describe the relevant roles and the interaction between the parties involved in attestationengagements. Measurer/Evaluator le.g., an accountant at the organization Responsible...
Define the term assurance engagement risk and distinguish between reasonable assurance engagements and limited assurance engagements.
Marie Forleo, a marketing trainer and host of MarieTV, presents the eight tips for genuine networking. Do you agree or disagree with her suggestions? Discuss how this information is useful to you and...
Identify all relevant costs or revenue that are applicable to production- constrained decisions 1. Contributions margin of product 2. Interference with other production 3. Contribution margin per...
Gammaro Compary manufactures wallets from fabric. In 2 0 1 9 , Gammaro made 2 , 1 5 0 , 0 0 0 wallets using 1 , 2 5 0 , 0 0 0 yards of fabric. In 2 0 1 9 , Gammaro has capacity to make 2 , 8 0 0 , 0...

What is meant by the phrase, Audit documentation ought to stand on its own? What is the

Question:

Step by Step Answer:

The concept is that the audit documents contain the evidence that the audit was ...View the full answer

Auditing a business risk appraoch

Students also viewed these Auditing questions