You are performing work to address the moderate risk of material misstatement for the existence of accounts
Fantastic news! We've Found the answer you've been seeking!
Question:
You are performing work to address the moderate risk of material misstatement for the existence of accounts receivable by performing accounts receivable confirmations. Total accounts receivable at year-end was $2,500,000. Based on professional judgment, 100% of balances over $30,000 were confirmed. The remaining book value is the population of representative items, from which a random sample was selected in accordance with CAS 530.
Required:
Analyze the results and draw conclusions.
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date: