Explain why inherent risk is set for audit

Assignment Help Accounting Basics

Reference no: EM132971851

Question: Explain why inherent risk is set for audit objectives for segments (classes of transactions, balances, and presentation and disclosure) rather than for the overall audit. What is the effect on the amount of evidence the auditor must accumulate when inherent risk changes from medium to high for an audit objective? Provide examples to illustrate your answer.

Reference no: EM132971851

Questions Cloud

Prepare the first quarter variance analysis report : Prepare the first quarter variance analysis report showing the fixed budget, flexible budget and flexible budget variances

What is the description of the professional : 1. What is the description of the professional, cultural, ethical and leadership context of the leader?

Development and road construction costs : Entries for 2009 and 2010 - Development and road construction costs on the land were P1,120,000, and a building was constructed at a cost of P1,760,000

Tuckman team work theory : Discuss how does the Tuckman's team work Theory may impact teamwork, operation and the motivation level of employees

Explain why inherent risk is set for audit : Explain why inherent risk is set for audit objectives for segments (classes of transactions, balances, and presentation and disclosure) rather than for the over

How can a manager apply mcclellands learned needs theory : How can a manager apply McClelland's learned needs theory to an employee that has slacked off (due to lack of recognition from the employee's personal view)

Calculate an employee pay : In order to accurately calculate an employee's pay, it is important that payroll clearly understands the different types of employee remuneration. In your own w

Conduct a review of change management : Conduct a review of change management in the Healthcare delivery environment and apply it effectively to organizational development

Describe the eight basic fan motivation factors : -Good afternoon, if possible can you give me some insight that would enable me to comprehend, interpret more proficiently and efficiently these are the touchpoi

User Account

All Pages