Explain why risk assessment and control testing procedures give indirect rather than direct audit evidence relevant to
Question:
Explain why risk assessment and control testing procedures give indirect rather than direct audit evidence relevant to the audit opinion.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
In planning the audit the auditors understanding of internal control is used in the control evaluation process to identify significant risks and manag...View the full answer
Answered By
Rashmi Chavan
I am currently working at meds company in Nairobi Kenya which is a supply chain company. Ive worked as an associate lecturer in Taita Taveta University and currently undertaking masters degree in supply chain.
0.00
0 Reviews
10+ Question Solved
Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted:
Students also viewed these Business questions
-
Auditing standards indicate that if the preliminary control risk assessment is low, the auditor must gain assurance that the controls are operating effectively. a. What is meant by testing the...
-
INTRODUCTION This case study focuses on the risk assessment stage of the audit. Each of the four parts deals largely with the material in the chapter to which that part relates. However, the parts...
-
McCartney Plastics has been an audit client of Belcor, Rich, Smith & Barnes (BRS&B), chartered accountants, for several years. McCartney Plastics was started by Evan McCartney, who owns 51% of the...
-
The insurance company Helmet is considering acquiring BeSafe, a life insurance company. According to BeSafes most recent financial statements, its loss ratio stands at 0.9, and its expense ratio...
-
Why are buffer solutions of increasingly higher pH used to elute the column that generates the chromatogram shown in Figure 23.5?
-
User test and acceptance is part of which phase of the SDLC? a. General systems design b Program specification and implementation planning c. Detailed systems design d. Implementation
-
In 1970, Rose Mary Knick purchased 90 acres of land in Scott Township, Lackawanna County, Pennsylvania. In 2008, another resident of Scott Township discovered documents that suggested that one of...
-
The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee. Inception date: May 1, 2014 Annual lease payment due at the beginning of each...
-
Q6. Draw parallel realization of IIR by using the transfer function given by H(z) 3 (2 z+5Z+4)/ (2z+1) (z+2)
-
The database contains three tables: Suppliers_T(Key: SNUM), Parts_T(Key: PNUM) and Shipment T(Key: SNUM, PNUM). Assume all the tables are connected through foreign keys. SNUM S1 S2 S3 S4 S5 PNUM P1...
-
Identify four main purposes of auditing procedures used in the three steps of the audit process.
-
Explain why substantive audit procedures provide direct evidence relevant to the audit opinion.
-
An engineer wishes to have $5 million by the time he retires in 40 years. Assuming 15% nominal interest, compounded continuously, what annual sum must he set aside?
-
A patient who has been prescribed a newly marketed drug complains to you, the pharmacist, about the high price of the drug. The patient remarks that it cannot cost more than a few cents to make such...
-
Suppose there is a large increase in the money supply in an economy that previously had low inflation. As a consequence, aggregate output expands in the short run. What does this say about situations...
-
During the Great Depression, business people in the United States were very pessimistic about the future of economic growth and reluctant to increase investment spending even when interest rates...
-
When Ben Bernanke, in his tribute to Milton Friedman, said that Regarding the Great Depression . . . we did it, he was referring to the fact that the Federal Reserve at the time did not pursue...
-
In the economy of Scottopia in 2014, exports equaled $400 billion of goods and $300 billion of services, imports equaled $500 billion of goods and $350 billion of services, and the rest of the world...
-
Suppose P(A) = 7/8 and P(B | A) = 5/7. Find P(A& B).
-
What is an insurable interest? Why is it important?
-
What is a transaction-level-control?
-
What is the auditors responsibility regarding fraud risk?
-
Why should auditors understand their clients performance measures when assessing inherent risk?
-
What are the key segments in the premium dog market? What key characteristics do customers in the premium dog segment share? How does this influence their buying process for their dogs? Explain the...
-
I have seen an example of an emerging approach that has been successful in the commercial world. Competition from other businesses operating in the same industry was fierce for the company I worked...
-
give me some Marketing strategies for a Trade School to Engage Students How make those strategies works? Also, ideas to Recruit Students for Trade School with Modern Marketing Tactics
Study smarter with the SolutionInn App