What is the risk that an auditor concludes a control is functioning when it is not more important to the audit than concluding that a control is not function when it is?
Answer to relevant QuestionsWhat are the sources of non sampling risk? How are these controlled and reduced?Why doesn’t the auditor need to test the operating effectiveness of all preventive and detective controls?Ivan is an auditor on the Optical Illusions Corp audit. Upon examining the audit program, he sees that he was given the task of performing analytical procedures on several balance sheet accounts. Ivan’s manager asked that ...How do disclosures required by GAAP affect the auditor’s responsibilities for related party and related party transaction information? Why is the auditor concerned if management makes disclosures indicating that non ...Your client, Cars Unlimited, Inc., is currently the largest client for the local office of the audit firm. Cars Unlimited, Inc. is a large car dealership that sells over 15,000 cars a year. You have been on this engagement ...
Post your question