Why do auditors need to be aware of their clients business risks?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (19 reviews)
Audit standards are clear that business risks are usuall...View the full answer
Answered By
Sufiyan Ahmed Tariq
I am a Chartered Accountant and an Associate Public & Finance Accountant. I also hold a bachelors of Commerce degree. I have over 8 years of experience in accounting, finance and auditing. Through out my career, I have worked with many leading multinational organisation.
I have helped a number of students in studies by teaching them key concepts of subjects like accounting, finance, corporate law and auditing. I help students understanding the complex situation by providing them daily life examples.
I can help you in the following subject / areas:
a) Accounting;
b) Finance;
c) Commerce;
d) Auditing; and
e) Corporate Law.
4.90+
7+ Reviews
17+ 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
-
Why do auditors need to be independent?
-
Why do auditors need to understand how management assesses risks?
-
Do auditors need to find immaterial financial statement misstatements?
-
What are four advantages of integrating AI technologies into decision support systems?
-
For each of the following, test for the significance of the difference in sample statistics by using the five step model. (Hint: Remember to solve Formula 8.4 before attempting to solve Formula 8.2....
-
Given that can be written in the form 6x p + 5x q, a. Write down the value of p and the value of q. Given that and that y = 100 when x = 9, b. Find y in terms of x, simplifying the coefficient of...
-
What is the relationship between a lift chart and a gains chart?
-
The counterpart to immobile factors on the supply side would be lack of substitution on the demand side. Imagine an economy where consumers always buy goods in rigid proportionsfor example, one yard...
-
Mr. Rohit a non-Government employee has the following salary details : a. Basic Salary 5,000 p.m. b. D.A. 2,000 p.m. c. Entertainment Allowance 300 p.m. d. Professional tax paid by employee 600 e.LIC...
-
Antonio plc makes Product X, the standard costs of which are: ...................................................... Sales revenue ...........................31 Direct labour (1 hour)...
-
For each of the general audit procedures of (a) Recalculation, (b) Observation, (c) Confirmation (accounts receivable, securities, or other assets), (d) Inquiry, (e) Inspection of internal documents,...
-
What are the defining characteristics of (a) white- collar crime, (b) Employee fraud, (c) Embezzlement, (d) Larceny, (e) Defalcation, (f) Management fraud, and (g) Errors?
-
In your new job as a retail store manager you decide to add mobile marketing to your promotional campaign. Describe how ads directed at connected cars could increase sales in your store. LO.1
-
James A. and Ella R. Polk, ages 70 and 65, respectively, are retired physicians who live at 3319 Taylorcrest Street, Houston, Texas 77079. Their three adult children (Benjamin Polk, Michael Polk, and...
-
I need help solving the following question: - Thank you in advance. On January 1, Year 6, HD Lid., a building supply company, JC Lid., a construction company, and Mr. Saeid, a private investor,...
-
Let X 1 , , X n X 1 , , X n be a random sample from a normal distribution with mean and variance 1. Find the uniformly minimum variance unbiased estimator of 2 2 .2 answers
-
The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,600 Supplies...
-
1.Using the Excel file Sales transaction find the following15 Marks a.Identify the levels of measurement for each variables b.Construct a cross tabulation to find the number of transactions by...
-
The purchase price of a car is \(\$ 34,000\). Its residual price is \(\$ 23,500\). What is its monthly depreciation for a 24 -month lease? Find the monthly depreciation of the car.
-
Does log 81 (2401) = log 3 (7)? Verify the claim algebraically.
-
For the system in Figure 5.49, the inputs are the forces \(f_{1}\) and \(f_{2}\) applied to the masses and the outputs are the displacements \(x_{1}\) and \(x_{2}\) of the masses. a. Draw the...
-
Auditors have used samples to conduct audit tests for decades. Despite the frequent use of sampling, auditors often use nonstatistical sampling rather than statistical sampling. Visit the website for...
-
Distinguish among tests of details of balances, tests of controls, and substantive tests of transactions for the sales and collection cycle. Explain how the tests of controls and substantive tests of...
-
Cynthia Roberts, CPA, expresses the following viewpoint: "I do not believe in performing tests of controls and substantive tests of transactions for the sales and collection cycle. As an alternative,...
-
A stock is expected to pay a dividend of $1.50 at the end of the year (i.e., D 1 = $1.50), and it should continue to grow at a constant rate of 10% a year. If its required return is 14%, what is the...
-
The Hobby Shop has a checking account with a ledger balance of $1,700. The firm has $2,400 in uncollected deposits and $4,200 in outstanding checks. What is the amount of the disbursement float on...
-
An investment will pay you $34,000 in 11 years. If the appropriate discount rate is 6.1 percent compounded daily, what is the present value? (Use 365 days a year. Do not round intermediate...
Study smarter with the SolutionInn App