Another component of the audit risk model is control risk. Describe the five components of internal control.
Question:
Another component of the audit risk model is control risk. Describe the five components of internal control. What characteristics of Comptronix’s internal control increased control risk for the audits of the 1989-1992 year-end financial statements?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
As stated in the solution to question 1 control risk reflects the auditors assessment of the likelihood a material misstatement could occur and not be prevented or detected on a timely basis by the cl...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132567237
5th edition
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
Question Posted:
Students also viewed these Business questions
-
A) Ron Smith became the new CEO of PEAK Ltd, until he died unexpectantly. After his death, his daughter Amy became the new CEO of PEAK Ltd and embarked on a cost cutting exercise, which included a...
-
Which of the following components of the audit risk model is most closely associated with attributes sampling? a. Audit risk. b. Control risk. c. Detection risk. d. Inherent risk.
-
1. All of the following are true except: a. Materiality at the financial statement level is set at a higher level than planning materiality. b. Planning materiality moves in the same direction as...
-
Beth Johnson takes out a 30-year, $575,000 mortgage at 2.99%. Mortgage payments are due at the end of each month, starting with the first month. What is the amount of each mortgage payment? What is...
-
Suppose that you own 10 sweaters. (a) How many ways can you select four of them to take on a trip? (b) How many ways can you select six of the sweaters to leave at home? (c) Explain why the answers...
-
The financial statements of M&S (GBR) are presented in Appendix A. The companys complete annual report, including the notes to the financial statements, is available online. Instructions Refer to...
-
State the appropriate null and alternate hypotheses for determining whether to conclude that the failure rates differ among the four lines. Exercises 49 refer to the following data: Electric motors...
-
A simply supported beam loaded by two forces is shown in the figure. Select a pair of structural steel channels mounted back to back to support the loads in such a way that the deflection at midspan...
-
A long-established caf located in inner west Brisbane residential suburb is facingit'stime to figure out their budget for the coming quarter. During the last quarter, the caf had spent roughly $500...
-
James Garage Ltd is a high end tire and rim sales company with installation and repair facilities. The following information can be obtained from the company's financial statements. James Garage Ltd...
-
Professional auditing standards present the audit risk model, which is used to determine the nature, timing, and extent of audit procedures. Describe the components of the model and discuss how...
-
What specific things did Steve do wrong and what should have been done?
-
What are the three main aggregate supply factors that determine a nations potential (or full-employment) level of real output? What are the four main components of aggregate demand? Explain:...
-
What is the relationship between structural inequalities and the prevalence of crime in different societal contexts ?
-
Braverman Company has two manufacturing departments-Finishing and Fabrication. The predetermined overhead rates in Finishing and Fabrication are $24.00 per direct labor-hour and 120% of direct...
-
How do subcultures and countercultures contribute to cultural diversity and influence mainstream societal narratives ? Explain
-
Question-2 Solve the assingned one, in the Table-1, of the given problem in the annex-2 by using MATLAB (30P); FG- 1 m-2kg k=800N/m L=0. 6m 2 + 3/3 - m ww 2k www 2m Slender rod of mass m
-
How do patterns of urbanization and globalization impact social structures, and what challenges do these trends pose for governance and social cohesion ?
-
Let P(A) = 0.55, P(B) = 0.30, and P(A B) = 0.10. a. Calculate P(A B). b. Calculate P(A B). c. Calculate P((A B)c).
-
What are the 5 Cs of marketing channel structure?
-
Professional auditing standards provide guidance on the auditor's consideration of an entity's business environment and associated business risks. (a) What is the auditor's objective for...
-
What could John Peters and the other auditors do to better handle the demands of career and family life?
-
What alternatives are available to Brent in regards to the audit of payables? What are the pros and cons of each alternative?
-
Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activity Driver Machine setup $ 1 7 , 0 0 0 ( 2 0 machine setups ) Parts handling 1 3 , 6 0 0 ( 1 6 , 0 0...
-
Jackson Company manufactures computer keyboards. The budgeted sales price is $ 6 5 per keyboard, the variable costs are $ 2 7 per keyboard, and budgeted fixed costs are $ 1 4 0 0 0 . What is the...
-
ACCOUNTS: Land, Building and Other Accounts Date Year 2022 Item 8-Jun Organization fees paid to the state 16-Jun Land site and old building 30-Jun Corporate Organization costs 2-Jul Title clearance...
Study smarter with the SolutionInn App