Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests
Question:
Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors charge higher fees than other auditors and their audit reports are more credible than those issued by other auditors.
Required
In times of economic recession would you expect:
(a) The demand for audits to increase or decrease?
(b) Clients to shift from large (Big-4) auditors to smaller auditors, or from smaller auditors to Big-4 auditors? Why or why not
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
a In times of economic recession the demand for audits is likely to increase This might seem counterintuitive at first but there are several reasons f...View the full answer
Answered By
User l_973071
I have a Bachelor of Science degree with a focus on biological, social, and mathematical fields. Throughout my academic journey, I have gained valuable knowledge and practical experience in these areas, enabling me to develop a well-rounded understanding of the subjects.
In the field of biology, my education has equipped me with a strong foundation in various sub-disciplines, such as molecular biology, genetics, physiology, and ecology. I have gained hands-on experience in laboratory techniques, data analysis, and scientific research methods. This has allowed me to explore the intricacies of the biological world, from the microscopic level of cells to the broader ecosystem dynamics.
Regarding social sciences, my coursework has encompassed subjects like psychology, sociology, and anthropology. I have delved into the complexities of human behavior, societal structures, and cultural influences. This multidisciplinary approach has broadened my perspective on how individuals and communities function, interact, and shape the world around them.
Mathematics has been an integral part of my academic journey as well. Through my studies, I have developed a solid understanding of various mathematical concepts, including calculus, statistics, and algebra. I have honed my problem-solving skills and analytical thinking, which are essential in tackling complex mathematical and scientific challenges.
In addition to my formal education, I have also gained tutoring experience in these fields. I have worked as a tutor, assisting students with their coursework, assignments, and exam preparation. This experience has allowed me to effectively communicate complex concepts in a clear and concise manner, adapting my teaching style to suit the needs of each student. I find great satisfaction in helping others understand and appreciate the subjects I am passionate about.
Overall, my education and tutoring experience in the biological, social, and mathematical fields have shaped me into a knowledgeable and versatile individual. I am eager to continue expanding my expertise in these areas, while also sharing my knowledge with others to foster a deeper understanding and appreciation of the sciences.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9780730382645
4th Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In December 2014, Shire Computer's management establishes the 2015 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the...
-
Staley Company has a standard of 1.5 pounds of materials per unit, at $4 per pound. In producing 2,000 units, Staley used 3,100 pounds of materials at a total cost of $12,090. Staley's materials...
-
What role do corporate dividends play in comparing the relative tax positions of investors in corporations versus partnerships?
-
Define distributed information system architecture and provide an example.
-
Following are sales and administrative cost data for Big Jack Burgers for the last four months: Administrative cost is a mixed cost, and sale is a potential cost driver. REQUIRED A. Using the...
-
Explain how gross domestic product is calculated using the income approach and the expenditure approach. Compare the classical economic theory that was used prior to the Great Depression to the...
-
An automated manufacturing system consists of four machining centers of two different types (two stations), each with two servers. It is dedicated to the production of three parts (A, B, and C) that...
-
Providers of corporate sustainability assurance reports often state that the work was performed in accordance with ISAE 3000 and/or ASRE 2405. Obtain a copy of each of these documents. Required...
-
Livable Endeavours Pty Ltd is a consulting firm specialising in sustainability and climate change issues. It offers sustainability report assurance services to a variety of organisations, including...
-
What is the purpose of supervisory review of employee time cards?
-
How can we reduce prejudice and discrimination?
-
Match the portion of the brain with its function: medulla pons C. cerebellum d. reticular formation a. b. 1. Maintains breathing and heartbeat 2. Controls bodily balance 3. Coordinates and integrates...
-
How does a sense of well-being develop?
-
In what ways do school cultures help or hurt teenage students who are going through adolescence? What school policies might benefit early-maturing girls and late-maturing boys? Explain how same-sex...
-
Distinguish between the recording and the reporting of intercorporate investments.
-
During 2016, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense. Required Based on this information alone: a. Prepare the December 31, 2016, balance sheet. b....
-
B made an issue of 150,000 $1 ordinary shares at a premium of 20% the proceeds of which is received by cheque. What is the correct journal to record this? A. Bank Share capital Share premium B. Bank...
-
Describe computer-assisted audit procedures that can be used in testing controls over purchasing.
-
Describe the inherent risks specific to sales and receivables the auditor needs to consider.
-
Why is the control risk assessment of the completeness of cash receipts and sales adjustment transactions associated with the control risk over the existence of the accounts receivable balance?
-
Discuss how quantum computing might revolutionize the field of electrical engineering. What potential applications or advancements do you foresee in power systems, signal processing, or semiconductor...
-
Explain the need for data visualization software in data science. Illustrate the difference between PowerBI and Tableau.
-
Let f(x) = 2x + 5 and g(x) = 4x + 4x. (f+g) (4) =
Study smarter with the SolutionInn App