What is the purpose of risk assessment for an entity
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
The purpose of risk assessment is to identify and control for those factors events and con...View the full answer
Answered By
Collins Omondi
I have been an academic and content writer for at least 6 years, working on different academic fields including accounting, political science, technology, law, and nursing in addition to those earlier listed under my education background.
I have a Bachelor’s degree in Commerce (Accounting option), and vast knowledge in various academic fields Finance, Economics, Marketing, Management, Social Science, Women and Gender, Business law, and Statistics among others.
4.80+
4+ Reviews
16+ Question Solved
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Question Posted:
Students also viewed these Auditing questions
-
What is the purpose of risk assessment procedures and how do they differ from the four other types of audit tests?
-
What is the purpose of risk management industry standards?
-
What is the purpose of risk analysis in accident prevention?
-
Multiple Select Question Select all that apply Identify what might happen if a particular department were eliminated. (Check all that apply.) Multiple select question. Many of the indirect expenses...
-
Consider the probability space ((, A, P), let {An}, n ( 1, be a sequence of events, and set Xn = IAn. Then show that the events {A1, A2,...} are independent if and only if the r.v.s X1, X2,.... Are...
-
A large farm wants to try out a new type of fertilizer to evaluate whether it will improve the farm's corn production. The land is broken into plots that produce an average of 1,215 pounds of corn...
-
What is a project-based non-equity venture, and how are the partners independence protected? LO1
-
Keisha has been inundated with product-of-the-month offers from various marketing companies. She is considering joining a club that allows DVDs to be downloaded from a members-only Web site, but cant...
-
Mary and Peter Smith purchased a joint and survivorship annuity contract for $30,000. The contract provided for the couple to receive $150 per month for life. Upon the death of one spouse, the...
-
The Great West Mining Company has struck the mother lode in their newly acquired gold field. They are modelling the weights of the gold nuggets they'll find over the next year using a...
-
What are the primary reasons for conducting an evaluation of an audit clients internal control?
-
What is the difference between preventive controls and detective controls? Give an example of each.
-
Wilma Flintstone and Barny Rublestone were discussing the format of the statement of cash flows of Fine Candy Co. At the bottom of Fine Candys statement of cash flows was a separate section entitled...
-
Conservation efforts include reintroduction of species into the wild from captive breeding programs. Leung et al. (2018) rewilded mice from the inbred laboratory strain of mouse, C57BL/6, that had...
-
The ending balance of the Accounts Receivable account was \(\$ 7,800\). Services billed to customers for the period were \(\$ 21,500\), and collections on account from customers were \(\$ 23,600\)....
-
Cash Flow Activity Classification Classify each activity as financing, investing, or operating: 1. Repay a loan from a bank. 2. Sell merchandise from a storefront operation. 3. Dispose of an old...
-
Generally Accepted Accounting Principles Select the best answer to each of the following MBC) questions: 1. Accounting rules are developed to provide: a. Simplicity b. Useful information c....
-
Basic Accounting Principles Identify whether the following statements are true or false. 1. Together the revenue recognition principle and the expense recognition (matching) principle define the...
-
Rimham plc prepares its budgets annually and as the accountant you are responsible for this task. The following standard data is available: - In order to meet the needs of an expansion programme the...
-
What are the three kinds of research types? Explain each type.
-
Consider a tray absorber with a constant Murphree efficiency \(\mathbf{E}_{M G E}=0.75\), and an average absorption factor \(A=1.25\). (a) Estimate the overall tray efficiency. (b) If the absorber...
-
Multiple Choice 1. Which of the following procedures would an auditor most likely rely on to verify managements assertion of completeness? a. Reviewing standard bank confirmations for indications of...
-
Management makes assertions about components of the financial statements. Match the management assertions shown in the left- hand column with the proper description of the assertion shown in the...
-
Management assertions about classes of transactions are a. Occurrence. b. Completeness. c. Authorization. d. Accuracy. e. Cutoff. f. Classification. For each management assertion, indicate an example...
-
Bond A is a premium coupon bond with 20 years to maturity. Bond B is a discount coupon bond with 20 years to maturity. If interest rates remain unchanged, what direction do you expect the price of...
-
The valuation principle of fair value accounting applied to investments classified as available for sale securities:
-
Just this one please! fixed image Karen Matt
Study smarter with the SolutionInn App