Risk assessment procedure in financial statement audit

Assignment Help Financial Accounting

Reference no: EM131223187

1. Which of the following is least likely to be considered a risk assessment procedure in a financial statement audit?

A) Analytical procedures.

B) Inquiries of management.

C) Observation and inspection relating to client activities.

D) Tests of controls.

2. Which of the following is most likely to be included in an auditor’s inquiry of management while obtaining information to identify the risk of material misstatement due to fraud?

A) Are financial reporting operations controlled by and limited to one location?

B) Does it have knowledge of fraud or suspect fraud?

C) Has the possibility of management override been assessed?

D) Does the company have insurance against all forms of fraud?

Reference no: EM131223187

Questions Cloud

Discussion-arrays and lists : SourceForge (sourceforge.net), JavaForge (javaforge.com), and Google Code (code.google.com). Pick any one of the 3 sites and Find a program that (A) uses at least one loop and a list effectively or (B) could use a loop and a list to improve the pr..

How are the advertising costs accounted for : How are the advertising costs accounted for? Where would deferred advertising costs be reported in the financial statements? Using the element definition from the conceptual frame work, should these deferred advertising costs be recorded as assets in..

Find the maximum of 3 numbers and print : 1). Write a program to scan 3 integer numbers from user, then find the maximum of these 3 numbers and print it. 2). Write a program to scan 2 integer numbers from user, then check for below conditions:

What if expected inflation rose by only 2 percent : What will happen to the demand for money? - What if expected inflation rose by only 2 percent? What if the yield on non money assets rose by 4 percent?

Risk assessment procedure in financial statement audit : Which of the following is least likely to be considered a risk assessment procedure in a financial statement audit? Which of the following is most likely to be included in an auditor’s inquiry of management while obtaining information to identify the..

What are the irr the roi and the payback period : If the expected profits after the drug development were $2 billion for the first year, the growth rate for the next five years is predicted to be 15 percent, and the growth rate for the following 10 years is predicted to be 5 percent, is this a go..

What does the quantity theory imply for inflation : What does the quantity theory imply for inflation in the long run in an economy with growing output and stable velocity?

Identifying five different categories of application : Can someone create a simple a PowerPoint presentation at least five slides in length identifying five different categories of application software?

What is the company plantwide overhead rate : K Company estimates that overhead costs for the next year will be $3,900,000 for indirect labor and $980,000 for factory utilities. The company uses direct labor hours as its overhead allocation base. If 100,000 direct labor hours are planned for thi..

User Account

All Pages