What is inherent risk in the revenue process? Explain when it would be high for an audit
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
Inherent risk in the revenue process is related to the risk of ...View the full answer
Answered By
Arshad Ahmad
Well, I am really new to tutoring but I truly believe a good student can be a better teacher. I have always been a topper at school. I passed my Chartered Accountancy at a very young age of 23, a rare feat for most of the students. I am really dedicated to whatever work I do and I am very strict regarding deadlines. i am always committed and dedicated to whatever work allotted to me and I make sure it is completed well within deadline and also I try to give my best in whatever I do. Hope we will have a good time studying together.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing and Assurance Services An Applied Approach
ISBN: 978-0073404004
1st edition
Authors: Iris Stuart
Question Posted:
Students also viewed these Auditing questions
-
What does it mean for an audit client if the auditor discloses a material weakness in internal controls over financial reporting?
-
What services that the auditor performs for an audit client may assist in scoping the audit engagement?
-
Explain when it would be beneficial to calculate Spearmans instead of Pearsons r.
-
The Globe and Mail compiled a list of the top 100 public companies in Canada according to profit. Leading the list is the Toronto- Dominion Bank, followed by the Bank of Nova Scotia. The following...
-
What is the wavelength of light from the hydrogen atom spectrum when n = 3?
-
Which statement is the most accurate? a) Corporate fraud invariably involves some form of illegal financial manipulation. b) Corporate fraud is confined almost entirely to the financial services...
-
Measures of Location The values of P 50 , Q 2 , and the median are found for the net incomes reported on all individual 1040 tax forms filed last year. What do those values have in common?
-
Jorge, Marta, and Jocelyn are college graduates, and Jorge has come up with an idea for a new product that he believes could make the three of them very rich. His idea is to manufacture soft-drink...
-
Ahmet sees a Facebook Marketplace post from Trinity selling a used weed trimmer for $20. Just to the right, Ahmet notices a targeted ad from a hardware store chain offering a new weed trimmer for...
-
Recently, Ashland MultiComm Services has been criticized for its inadequate customer service in responding to questions and problems about its telephone, cable television, and Internet services....
-
What is the purpose of prelisting cash receipts? Do you think it is worth the extra time it takes?
-
When does the auditor test internal controls?
-
Is a manufacturers geographic location independent of type of customer? Use the following data for companies with primarily industrial customers and companies with primarily retail customers to test...
-
4.8 A transformer has 200 turns of copper wire on the secondary coil, which carries a current of 4 Amp. The supply voltage of 240 Volts causes a current of 1 Amp to flow through the primary coil....
-
A boat is floating at rest in dense fog near a large cliff. The captain sounds a horn at water level and the sound travels through the salt water (1470 m/s) and the air (340 m/s) simultaneously. The...
-
s.pdf w19as3sol.doc.pdf 49f233c38bee8583... Create account Login Balance Sheet for a Simplified Bank Assets Cash Gov. Securities $ 100,000.00 190,476.19 Fixed Rate Mortgage Loans 600,000.00 Fixed...
-
Peterson Packaging Inc. does not currently pay dividends. The company will start with a $0.50 dividend at the end of year three and grow it by 8% for each of the next six years. After six years of...
-
A metal sphere has an initial charge of + 8 mu C . What is the final charge on the sphere after 5 . 5 times 1 0 1 3 electrons have been placed on the sphere?
-
Statements of financial position of Pilchard Ltd are given below: You are informed as follows: (i) Shown is an extract of the Statement of income for the year ended 31.3.2012. (ii) There was no...
-
A supermarket chain is interested in exploring the relationship between the sales of its store-brand canned vegetables (y), the amount spent on promotion of the vegetables in local newspapers (x1)...
-
At December 31, 2013, EarthWear has $ 5,890,000 in a liability account labeled Reserve for returns. The footnotes to the financial statements contain the following policy: At the time of sale, the...
-
Arthur, CPA, is auditing The Home Improvement Store as of December 31, 2014. As with all audit engagements, Arthurs initial procedures are to analyze the entitys financial data by reviewing trends in...
-
Part I. Lernout & Hauspie (L& H) was the worlds leading provider of speech and language technology products, solutions, and services to businesses and individuals worldwide. Both Microsoft and Intel...
-
PrimeTech sold $2,000,000 of merchandise on account during the current year. The cost for this merchandise to PrimeTech was $600,000. To encourage early payment from its customers, PrimeTech offers...
-
The board of directors of Long River Limited is meeting to discuss the past years results before releasing financial statements to the public. The discussion includes this exchange of conversation:...
-
Understanding Grubhub's Service Quality 1. Which service gaps is GrubHub currently addressing? 2. How might GrubHub address the remaining service gaps? 3. Evaluate how GrubHub meets customer...
Study smarter with the SolutionInn App