Question: What are some risks of material misstatement in the assertions
What are some risks of material misstatement in the assertions for revenues?
Relevant QuestionsWhy should a list of cash remittances be made and sent to the accounting department? Why is it important to place emphasis on the existence and ownership (rights) assertions when auditing cash and accounts receivable? What is cheque kiting? How might auditors detect kiting?What are some of the justifications for not using confirmations of accounts receivable on a particular audit?The auditor is considering confirming zero-balance accounts from the auditee’s accounts receivable sub-ledger to provide evidence concerning the completeness assertion for accounts receivables and sales.Required:a. What ...
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