Entity internal control also assessing control risk

Assignment Help Financial Accounting
Reference no: EM13124827

After obtaining an understanding of the entity's internal control also assessing control risk, an auditor of a non public company decided not to perform additional tests of controls. The auditor most likely concluded that the

A. Additional evidence to support a further reduction in control risk was not cost beneficial

B. Assessed level of inherent risk exceeded the assessed level of control risk

C. Internal control structure was properly designed and justifiably may be relied on

D. Evidence obtainable through tests of controls would not support an increased level of control risk

 

 

Reference no: EM13124827

Questions Cloud

Role of financial advisor : A financial advisor tells you that you can make your child a millionaire if you just start saving early. You decide to put an equal amount each year into an investment account that earns 8% interest per year, starting on the day your child is born..
Manipulating basic linear equations : The following is offered as a solution of the equation. Because 7 = -12 is not a true equation, the equation has no solution. If this is correct, state that there is no solution. If not, explain in detail why it is not correct, and supply the corre..
Find probability that a box of gloves gets rejected : A single box contains 12 gloves, and it has been determined that 6 percent of gloves are defective. What is the likelihood that a box of gloves gets rejected?
Utilize important information about translation : Important information about Translation, Let a be a fixed vector in R2. A mapping of the form
Entity internal control also assessing control risk : After obtaining an understanding of entity's internal control and assessing control risk, an auditor of a non public company decided not to perform additional tests of controls.
Systems of equations-substitution or elimination : Systems of equations can be solved by graphing or by using substitution or elimination. What are the pros and cons of each method? What circumstances would cause you to use a different method?
Would you agree with xyzs decision : The XYZ Company billing department has decided to assign one employee to each of its customers. This employee will be responsible for granting credit to the client and then handling the billing.
Probability that monthly landline phone bill is less : A standard deviation of $20, obtain the probability that a monthly landline phone bill for a household is less than $100.
Which comes from the corporation accounting system : Despite the fancy look, the main purpose of the report is to provide the year's financial data, which comes from the corporation's accounting system.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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