Explain why the audit of prepaid insurance should ordinarily take a relatively small amount of audit time

Question:

Explain why the audit of prepaid insurance should ordinarily take a relatively small amount of audit time if the client’s assessed control risk for acquisitions is low.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books

Question Posted: Oct 10, 2012 07:53 AM

See More Questions

Explain why the audit of revenue and receivables may present the auditors with significant audit risk.
Explain why the audit client might differ for a non-public company as compared to a public company?
Domer Corporation is preparing to issue a relatively small amount of securities and does not want to go to the trouble and expense of filing a registration statement with the SEC. Company officials...
If a zero of f is i, find the complete factored form of f(x) = x 4 + x 3 + 2x 2 + x + 1.
A The Noble Widget Corporation produces just one product, widgets. The company's new economist has calculated a short-run production function as follows: Q = 7V + 0.6V2 - 0.1 V5 where Q is the number...
Conflict can be a precursor to violence in the workplace. However, supervisors can be reluctant to deal with this warning sign and opt to see whether things work themselves out. Why do you think...
In 2011, quarterbacks Tom Brady, Drew Brees, and Payton Manning, representing a class including current NFL players, claimed that a league-imposed lockout was a horizontal group boycott among...
Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was...
24. A water jet whose cross section area is a striker wall making an angle e with the normal and rebounds elastically. The velocity of water of density d is v. Force exerted on wall is :- 0 (1) 2avd...
Fifty cities provided information on vacancy rates (in percent) for local apartments in the following frequency distribution. Vacancy Rate (in percent) ......Frequency 0 up to 3 .............. 5 3 up...
Explain the relationship between substantive tests of transactions for the acquisition and payment cycle and tests of details of balances for the verification of prepaid insurance.
Distinguish between the evaluation of the adequacy of insurance coverage and the verification of prepaid insurance. Explain which is more important in a typical audit.
Moto Corporation manufactures and sells motor bikes. The Wheel & Frame Division creates parts that are both sold externally and transferred internally to the Assembly Division for assembly. Wheel...
The article summarizes the main results of a study on the relationship between Emotional Intelligence and job performance and describes key traits that influence performance. As a project manager,...
What is the role of Linux operating system? What are the differences of Windows and Linux? What is a distribution of Linux? What is the Ubuntu operating system? How Linux related to mobile...
What is the concept and how is this concept important in your future counseling approach? Discuss and give examples of how you may apply the concept in your counseling? Include a scholarly reference.
Your post-secondary institution is facing budget cuts. One of the areas that has been mentioned for a reduction in services is the online writing help (OWH). As a student who has used online writing...
What are some the future challenges that McDonalds has to deal with in India? How would you resolve those challenges?
Do the following sets have the same cardinality? {48, 49, 50, ,783, 784} {485, 487, 489,..., 2053, 2055}
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
The store is on __________ Avenue. (a) Fifth, (b) 5th Choose the option that is correctly expressed.
The college bookstore has put pads of engineering computation paper on sale at half price. What is the minimum and maximum number of pads you might buy during the sale? Explain.
Consider the seven situations described. Which one situation seems most suitable for solution by engineering economic analysis? (a) Jane has met two college students that interest her. Bill is a...
An automobile manufacturer is considering locating an automobile assembly plant in your region. List two simple, two intermediate, and two complex problems associated with this proposal.
The purpose of this assignment is to better understand what the important pieces of the Linux/Unix operating system that you might want to prioritize reviewing when you are doing a forensic...
What is the function of the Helix system? What are the benefits of this tool? How does it work in terms of digital evidence collection? How do you get evidence of Unix, Linux, and Mac OS operating...
Analyzing revenue, expense, and withdrawal transactions into debit and credit parts Use the chart of accounts for Hals Marketing Services given in Application Problem 2-2. Transactions: Mar. 25. Sold...

Explain why the audit of prepaid insurance should ordinarily take a relatively small amount of audit time

Question:

Step by Step Answer:

The audit of prepaid insurance should ordinarily take a rela...View the full answer

Auditing and Assurance services an integrated approach

Students also viewed these Auditing questions