How are audit risk and detection risk affected

Assignment Help Auditing
Reference no: EM13886939

What is the directional relationship between the risks of material misstatement (inherent and control risk) and both audit risk and detection risk? In other words, if the risks of material misstatement increase or decrease, how are audit risk and detection risk affected?

Reference no: EM13886939

Questions Cloud

Wrongness of action is determined by these consequences : Jane just finished a Pepsi and is wondering what to do with the can. She takes a moment and thinks about the actions available to her, and decides that she can either recycle the can or throw it on the ground. the rightness or wrongness of an action ..
Matrix of elastic constants : Do this by assuming uniaxial tension along [110] and expressing σ 1, σ 2,.. .,τ 12 in terms of σ [110]. Then use the matrix of elastic constants to ?nd e1, e2, . . .,γ 12, and ?nally resolve these strains onto the [110] axis to ?nd e[110].
What is smallest angle it can have for the pass to be legal : A rugby player runs with the ball directly toward his opponent's goal, along the positive direction of thex-axis. He can legally pass the ball to a teammate as long as the ball's velocity relative to the field does not have a positive x component.
Poorer service compared to the original system : Does this system provide better or poorer service compared to the original system? Discuss any differences and the reason for these differences.
How are audit risk and detection risk affected : What is the directional relationship between the risks of material misstatement (inherent and control risk) and both audit risk and detection risk? How are audit risk and detection risk affected?
Find the principal stresses in the sleeve : Find the principal stresses in the sleeve after it cools to 20?C. Assume that friction between the shaft and the sleeve prevents any sliding at the interface during cooling, and assume that the shaft is so massive and stiff that strains in the sha..
What seems to be working well in the culture : What seems to be working well in the culture and in the church in addressing some of these concerns? What ideas do you have to improve what is being offered, specifically through communities of faith? What are the barriers to such suggestions
Economic theory to business management : Managerial economics is the discipline which deals with application of "economic theory to business management" Discuss
Multiple regression model with three independent variables : Consider the multiple regression model with three independent variables, under the classical linear model assumptions MLR.1 through MLR.6: Let ˆ1 and ˆ2 denote the OLS estimators of 1 and 2. Find Var(ˆ1 3ˆ2) in terms of the variances of ˆ1 and ˆ2 and..

Reviews

Write a Review

Auditing Questions & Answers

  Information of accounts receivables

Compute the ending balance of accounts receivable on 12/31/10. Compute the accounts receivable turnover ratio for 2010. Computer the average collection period in days.

  Explain type of audit

Show the reason for and the type of audit report that you would issue and consider that each item is significant.

  Identify any threats to compliance with the ifac code

Recently John was approached by the board of Company Ltd with an offer of employment as a director starting in two years time. The only condition was that the audit fees have to be reduced for the current and next year's audit.

  Understanding planning stage of the audit process rreview

understanding planning stage of the audit process rreview of client business and perform audit risk analysisassume that

  Possible audit adjustments-materiality levels

Describe your responsibilities related to unadjusted misstatements that management has determined are immaterial individually and in the aggregate. Assuming this company is a public company, describe how the noted adjustments might impact your aud..

  From the following descriptions determine what type of

from the following descriptions determine what type of auditing procedure is being conducted1 the auditor watched two

  Description of receivables

Verna's makes all sales on account, subject to the following collection pattern: 25% are collected in the month of sale; 60% are collected in the first month after sale; and 15% are collected in the second month after sale.

  Prepare an audit strategy and audit plan

Calculate the following ratios: Gross Margin, Net Profit Ratio, Return on total assets, Current Ratio, Quick Ratio, Inventory Turnover, Accounts Receivable turnover, Debt to Equity Ratio - Understand the knowledge required by an auditor in preparin..

  Floor value of inventory-lcm rule

What are the "tests" used to determine the ceiling and the floor to which the market value of the inventory is applied in order to determine what the "market" value is to the company?

  Large number of corporate collapses gave rise to a

large number of corporate collapses gave rise to a worldwide scrutiny of the accounting profession and the implosion

  Cssc unqualified audit report

What are the circumstances that could prevent the external auditors from providing an unqualified report? What steps can be taken by CSSC to address any concerns?

  Explain matters to be clarified in terms of engagement

Identify and explain the specific matters to be clarified in the terms of engagement for this due diligence review of Robson Construction Co.

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