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

  Determine the oliva''s balance sheet at december 31

From data calculate the inventory value in the Balance sheet - determine the amount that should appear on Oliva's balance sheet at December 31, 2007, for inventory.

  Prepare the lower portion of the 2013 income statement

Prepare the lower portion of the 2013 income statement beginning with pretax income from continuing operations. Ignore EPS disclosures.

  Prepare an adjusted trial balance

Prepare an adjusted trial balance and  Prepare an income statement, a statement of owner's equity, and a balance sheet.

  Depreciation under straight line method

Depreciation under Straight Line Method and Double Declining Balance Method.

  Mutually exclusive projects based on eac and npv

Comparison of Mutually Exclusive Projects based on EAC and NPV - Eads Industrial Systems Company (EISC) is trying to decide between two different conveyor belt systems

  Evaluation of standard cost per unit

Evaluation of Standard Cost per unit - Compute Muhsin's total standard cost per unit. (Round your answer to 2 decimal places.)

  Calculate dobbs total standard cost per unit

Manufacturing overhead: Overhead is applied at a rate of $6 per direct labor hour. Calculate Dobbs's total standard cost per unit. (Round computations and final answer to 2 decimal places

  Evaluate optimal capital structure

Which of the following statements best describes the optimal capital structure and Which of the following SHOULD NOT influence a firm's dividend policy decision

  Accounting and the time value of money

Current and Future computations of a single sum of money and current and Future computations of an annuity.

  Compute variances for material-labor and overhead

Compute variances for material, labor, and overhead. Prepare a summary of the variances. Does the unfavorable overhead volume variance suggest that overhead cost are out of control?

  Evaluate the marginal cost per chair to xy

Evaluate the marginal cost per chair to XY of accepting the chair order from ABC? and What assumptions were made in calculating the marginal cost?

  Prepare only the inventory section of the balance sheet

The Zoe Corporation has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet.

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