User Account

All Pages

How does an auditor decide which controls are required

Assignment Help Accounting Basics
Reference no: EM132716279

Problem 1: How does an auditor decide which controls they are required to understand and test?

Multiple Choice

Option 1: An auditor is required by CAS 315 to understand and test all controls in an organization.

Option 2: The auditor is responsible for testing all pervasive controls in an organization.

Option 3: The auditor conducts a random sample at the onset of the audit and selects controls depending on the results.

Option 4: It is a matter of the auditor's professional judgement which controls, whether individually or in combination with others, are relevant to the audit.

Reference no: EM132716279

Questions Cloud

What is the break-even point for machine a : The fixed costs for machine A are $90,000, and its variable cost is $15 per unit. The revenue is $21 per unit. What is the break-even point for machine A?
What do management internal control responsibilities include : What do management's internal control responsibilities include? Reducing the amount of testing done by the auditors. / Preventing and detecting fraud
What is the flow rate of the process : The local driver's license center processes applications for driver's license renewals through the following three steps. First, the customer registers
What is a certified b corporation : What is a Certified B corporation and discuss why you like them?
How does an auditor decide which controls are required : How does an auditor decide which controls they required to understand and test? The auditor is responsible for testing all pervasive controls in organization?
Ratio analysis important to firms and investors : Why is it important to know a firm's accounting rules before making any conclusions about its performance from ratios analysis and why are ratio analysis
Which account could find the false dangling debit : If sales and income were overstated by recording a false credit sale at the end of the year, in which account could you find the false "dangling debit"?
Ethical considerations associated with managing donor : Analyze and explain the ethical considerations associated with managing donor information.
What would be its approximate value after the split : If Kinmi's stock price had been $49 at the time of the split, what would be its approximate value after the split (other things equal)?

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