What is the effect on the substantive tests of accounts receivable when the risk of material misstatement
Question:
Provide specific examples.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
A lower risk of material misstatement because of effective controls means the ...View the full answer
Answered By
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned.
The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+
150+ Reviews
230+ Question Solved
Related Book For
Auditing A Risk Based Approach to Conducting a Quality Audit
ISBN: 978-1305080577
10th edition
Authors: Karla Johnstone, Audrey Gramling, Larry E. Rittenberg
Question Posted:
Students also viewed these Auditing questions
-
What is the effect on the nature, timing, and extent of substantive tests of accounts receivable when the risk of material misstatement is assessed as being low instead of high?
-
Exhibit 3 2 contains a partial audit program for substantive tests of accounts receivable. Required: For audit procedures 1 4, identify the primary assertion being tested.
-
What is the effect on the accounting equation of recognizing uncollectible accounts expense?
-
Pinduoduo plans to launch a new platform to compete with its competitors, JD.Com, Taobao, and Tmall. The product manager of the new platform should decide whether to leverage the social commerce...
-
What is the difference between the long and the short positions in a contract for the future delivery of the S&P 500 stock index? If you expect stock prices to fall, do you buy or sell stock index...
-
Wookie Company issues 6 % , five - year bonds, on January 1 of this year, with a par value of $ 9 3 , 0 0 0 and semiannual interest payments. \ table [ [ Semiannual Period - End,Unamortized...
-
E ALUATIN G ETF P E RFO RM AN CE. Do an online search for information on the PowerShares QQQ ETF. Discuss what information you need to evaluate the performance of the ETF, and use what you find to...
-
1. When determining his obligations to his subordinate, Kevin Pfeiffer, what decision would Antonio Melendez most likely reach were he to apply the utilitarian approach to decision making? What...
-
How do you calculate the net operating cash flow?
-
1. Explain how you can determine how well the model fits the data (i.e., explain the meaning of Coefficient of Determination in this Table) 2. Explain how you can test the validity of the model...
-
What factors influence the reliability of data used in conducting planning analytical procedures in the revenue cycle?
-
The third step in performing analytical procedures involves developing expectations of recorded amounts or ratios, and evaluating whether the expectations are precise enough to accomplish the...
-
A number in which each digit except 0 appears exactly three times is divisible by 3. For example, 888,444,555 and 714,714,714 are both divisible by 3. Explain why this outcome must be true.
-
IFRS Financial Statements Thomson Reuters is a global information company created by the 2008 merger of the Thomson Corporation, a Canadian company, with the Reuters Company, a United Kingdom-based...
-
Burgess Services Co. experienced the following events in 2011: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
-
In Exercises 13 and 14, use the box-and-whisker plot to identify the five-number summary. 0 2 5 8 10 ++ ++ 0 1 2 3 4 5 6 7 8 9 10 11
-
In a test of the effect of dampness on electrical connections, 80 electrical connections were tested under damp conditions and 130 were tested under dry conditions. Twenty of the damp connections...
-
Zelta Ltd. is a medium-size company involved in providing a range of specialized products and services for the aerospace industry. Just over a year ago, external consultants undertook a major review...
-
What is the worst-case MIPS instruction in terms of energy consumption, and what is the energy spent to execute it? This exercise explores energy efficiency and its relationship with performance....
-
The power company must generate 100 kW in order to supply an industrial load with 94 kW through a transmission line with 0.09 resistance. If the load power factor is 0.83 lagging, find the...
-
Identify the alternatives, outcomes, criteria, and process for the selection of your college major? Did you make the best choice for you?
-
Describe a major problem you must address in the next two years. Use the techniques of this chapter to structure the problem and recommend a decision.
-
One strategy for solving a complex problem is to break the problem into a group of less complex problems and then find solutions to the smaller problems. The result is the solution of the complex...
-
Which of the following statements is true? Financial measures tend to be lag indicators that report on the results of past actions. LA profit center is responsible for generating revenue, but it is...
-
Andretti Company has a single product called a Dak. The company normally produces and sells 8 0 , 0 0 0 Daks each year at a selling price of $ 5 6 per unit. The company s unit costs at this level of...
-
What are the major characteristics of plant assets? Choose one category of PP&E (land, land improvements, buildings or equipment) and describe the costs that may be capitalized with this asset.
Study smarter with the SolutionInn App