User Account

All Pages

Identify the audit inherent risk and rate the risk

Assignment Help Auditing
Reference no: EM13502508

QUESTIONS

PART A

Since 4X Heavy Ltd is a new client of KCA outline the steps that you would initially undertake as part of taking on this client

PART B

Based on the facts specific to 4X Heavy Ltd:

(a) Identify the audit inherent risk and rate the risk as low, medium or high.
(b) Identify the audits control risk
(c) Evaluate control and inherent risk
(d) Determine overall audit strategy

PART C

a) Identify 2 key account balances that are at highest risk of misstatement
b) Explain why these are the highest risk
c) Design 4 substantive audit tests to carry out the work performed on each of the identified 2 key account balances.
d) For each of the 4 substantive audit test designed identify the key assertion it addresses.

PART D
(a) Based on the above make 4 recommendations to management on completion of audit.

Reference no: EM13502508

Questions Cloud

Find the time rate of increase of electric field : A 0.170-A current is charging a capacitor that has circular plates 15.0 cm in radius. The plate separation is 4.00 mm. What is the time rate of increase of electric field between the plates
Describe the first order decomposition of a solution : At 25 degrees the rate constant for the first order decomposition of a solution is .00640. If the starting concentration is .0314M, what will concentration will remain after 62.0 min at 25 degrees
How would you depreciate the new stadium : How would you depreciate the new stadium and develop a depreciation schedule for your chosen method and explain your rationale. Assume a useful life of 40 years and no salvage value.
What is the lowest frequency the organ will produce : The longest pipe in a certain organ is 2.70 m long. What is the lowest frequency the organ will produce if the pipe is open at both ends
Identify the audit inherent risk and rate the risk : Since 4X Heavy Ltd is a new client of KCA outline the steps that you would initially undertake as part of taking on this client.
Explain the d3h point group draw 3x3 transformation matrix : For the D3h point group draw 3X3 transformation matrix for each of the operations of this point group on a set x,y,z coordinate
Determine how much current is flowing through the wire : The magnitude of a magnetic field a distance 2.0 um from a wire is 11.0*10^4 T. How much current is flowing through the wire
What was the actual cost per blanket produced : What is the standard cost of a single blanket, what was the actual cost per blanket produced during March, what was the direct materials price variance for March
Obtain the shortest wavelength of the radiation emitted : A tungsten target is struck by electrons that have been accelerated from rest through a 62.0-kV potential difference. Find the shortest wavelength of the radiation emitted

Reviews

Write a Review

Auditing Questions & Answers

  Perform on transactions in the acquisitions cycle

Describe the substantive tests that you would perform on transactions in the acquisitions cycle of this system to gain adequate assurance over the assertions of completeness, cut off and accuracy.

  Credit memo in the bank statement

A credit memo in the bank statement shows a bank collection of a note for $1,300 with interest received of $16. This item was dated 18th May.

  Relationships among auditor-client and external users

Compare the relationships among auditor, client, and external users. How do professional standards for CPAs govern these relationships?

  Auditors opinion

What is an unqualified auditor's opinion? Why is it important for financial statements to receive an unqualified auditor's opinion?

  Determining audit practices

Identify a profile for a taxpayer who is more likely than the national average to be audited by the IRS. What factors cause certain taxpayers to be audited more frequently?

  Capstone strategic audit

Capstone Strategic Audit

  Relationship between bond price and yield

The fundamental relationship between bond price and yield is that they relate to each other inversely. How is this so?

  Performance audits are often far removed from financial

performance audits are often far removed from financial audits but even seemingly unauditable programs can be

  Internal controls in the system

The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for each of the identified potentially effective controls.

  Question 1 explain the role of the following three bodies

question 1. explain the role of the following three bodies in national health reform and the implementation of activity

  Demonstrate the different phrases of an audit

New client acceptance and Risk assessment and assessment of internal controls in sales cycle - Critically analyse situations which will impact on the audit process - demonstrate the different phrases of an audit

  For each of the subsequent independent situations show the

for each of the subsequent independent situations show the reason for and the type of audit report that you would

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