User Account

All Pages

Describe an appropriate audit strategy

Assignment Help Accounting Basics
Reference no: EM133266964

Which of the following independent circumstances describes an appropriate audit strategy?

  1. Inherent risk about an assertion for a balance is assesses as low. The auditor assesses control risk as low and performs extensive tests of controls to support this assessment. Detection risk is assessed as high and the auditor does not perform any substantive procedures.
  2. Inherent risk about an assertion for a balance is assessed as high. The auditor assesses control risk as high and does not perform test of controls. The auditor performs extensive substantive tests of transactions and balances in response to a desired low level of detection risk.

Enter your response: 

Explain why the response selected is correct: 

Explain why the alternative response incorrect:

Reference no: EM133266964

Questions Cloud

What about the objections by polus and callicles : HUMAN 2123 Sheridan College What about the objections by Polus and Callicles that the people Socrates calls the just are in fact unhappy and wretched
Case study-argus productions inc : Argus Productions Inc. (API) isa motion picture and commercial production company. Improper expenditures for copy services were charged to production costs by a
What has ikea done to cope with competition from its rivals : International Market Strategy in China Discussion - What has IKEA done to cope with competition from its rivals in the Chinese furniture industry
Describe the selected organization : ORG 726 University of Phoenix Describe the selected organization. Considerations include the type of organization, products or services provided, employee
Describe an appropriate audit strategy : Which of the following independent circumstances describes an appropriate audit strategy?
Difference between negative and positive confirmations : Confirmation of accounts receivable is presumptively a mandatory audit procedure. In performing this procedure, auditors use positive confirmation requests or n
Should governments be expected to be model employers : PADM 704 Liberty University Should governments be expected to be model employers, even if this means higher labor costs and more procedural protection
Acquisition of treasury shares : The Statement of Shareholders' equity of Bubble Gone Corporation (BGC) presented the following data on 2021. Ordinary shares, P10 par, 400,000 shares authorized
Determine the brandon contribution : On July 1, 2021, Brandon, Brat and Brei agreed to form a partnership. The partnership agreement specified that Brandon is to invest cash of P700,000; Brat contr

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the learning rate for the project

What is the learning rate for this project? How many hours do you expect the third unit to take? How many hours do you expect the 20thunit to take?

  Prepare a tabular summary

Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares

  Bad food inc sells 100- pound bags of pre-cooked french

bad food inc. sells 100- pound bags of pre-cooked french fries to fast food outlets for 12 a bag. the fixed costs of

  The school boards two main alternatives are as follows 1

the board of education for the central catskill school district is considering the acquisition of several minibuses for

  Budgets of isaac company

Isaac Company has a selling price of $10 per unit and expects to maintain ending inventories equal to 25 percent of the next month's sales. Calculate the budgeted beginning balance in units for finished goods inventory on November 1?

  Prepare general journal entries to record transactions

Five thousand shares of preferred stock are sold for cash at $120 per share. Prepare the general journal entries necessary to record these transactions

  Compute the price of the bonds based on semi annual analysis

The $1,000 par value bonds have a quoted annual interest rate of '13 percent, Compute the price of the bonds based on semi annual analysis

  Identify and explain potential analytical procedures

Identify and explain potential analytical procedures that might be applied in the next year's audit to provide evidence that the problems detected

  Specific identification costs

Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?

  Calculate the per-unit contribution margin of a product

Calculate the per-unit contribution margin of a product that has:- a sale price of $200 if the variable costs per unit are $65

  What would baldwin sg-a and sales ratio be

All else constant, what would Baldwin's SG&A/Sales ratio be if the company had spent an additional $1,500,000 for Boat's promotional budget

  Question - corporate accounting and business advisory

Question - Corporate Accounting and Business Advisory - Describe the main features of the entity concept of the group

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd