User Account

All Pages

Discuss the expected levels of control risk

Assignment Help Accounting Basics
Reference no: EM132998589

Question - You are an audit senior at an auditing firm in Victoria. The firm has recently won the audit of a small dairy farm located in Warrnambool named Milky-Bar Pty Ltd (Milky-Bar). You have been assigned to the audit. The audit partner in the planning meeting tells you not to worry about the controls because the firm is quite small. Reviewing the audit program for Milky-Bar you notice that the audit program relies mostly on substantive procedures.

Required - Discuss the expected levels of control risk and detection risk you would expect to see in the Audit Program for Milky-Bar.

Reference no: EM132998589

Questions Cloud

Describe general ipo process giving examples from netscape : Describe the systematic and unsystematic risks in general. Give examples of systematic and unsystematic risks from the case.
Compute the current yield for each bond during the year : Argo Limited issued a 20-year, 5 per cent coupon bond. Both bonds pay interest annually. Compute the current yield for each bond during the year
Compute the current yield for each bond during the year : Assume that the market rate on similar risk bonds was 5 per cent at the time the bonds were issued. Compute the current yield for each bond during the year
What is tarr inc roa : Tarr Inc. has the following financial results for 2017: Average Total Assets = $932311 and Net Profit before tax = $74834. What is Tarr Inc ROA
Discuss the expected levels of control risk : Discuss the expected levels of control risk and detection risk you would expect to see in the Audit Program for Milky-Bar
Do you have any concern about this change in estimate : Absent this change, earnings would show 9% growth. Do you have any concern about this change in estimate
What effect does this have on the return of equity : Coal Inc. is a company that extracts and produces coal. What effect does this have on 1) the return/cost of equity, 2) the WACC, and 3) NPV analysis
Estimate the after-tax cash flows for the project : The company's tax rate is 45%. Estimate the after-tax cash flows for the project using the accounting flow and the cash flow table
What the sunland stockholders equity on december : Sunland Company compiled the following financial information as of December 31, 2017: What the Sunland stockholders equity on December

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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