What additional considerations are in order when auditors plan to audit account balances at an interim date several weeks or months before the client’s fiscal year-end date?
Answer to relevant QuestionsWhat role does professional judgment play in audit decisions regarding materiality, risk, and sampling? What should be the relationship between tolerable misstatement in the audit of an account balance and the amount of monetary misstatement considered material to the overall financial statements?In the dialogue between the Kingston auditors, Fred said, “Our analytical procedures related to receivables didn’t show much. The total is down, consistent with the sales decline, so the turnover is up a little. If any ...Why should a list of cash remittances be made and sent to the accounting department? What special care should be taken with regard to examining the sources of accounts receivable confirmation responses?
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