Give three examples of qualitative factors that might affect the overall materiality.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
Qualitative factors that may affect the establishment of the overall materiality step 1 inclu...View the full answer
Answered By
Usman Nasir
I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.
4.60+
16+ Reviews
28+ Question Solved
Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
Question Posted:
Students also viewed these Auditing questions
-
Give three examples of qualitative factors that might affect the auditors choice of the percentage to apply to the benchmark used to establish overall materiality.
-
Provide three or more examples of qualitative factors that might influence a decision to process a joint product beyond the split-off point.
-
Give three examples of protocol parameters that might be negotiated when a connection is set up.
-
Solve Utt = cUTT 0
-
How would each of the following affect the Canadian money supply? Explain. a. Banks decide to hold more reserves as a precaution against bank runs. b. People withdraw cash from their bank accounts...
-
If you stretch your arm out full length and block the Sun with your thumb, how fast must your thumb move, in millimeters per minute, to track the Sun's motion?
-
Consider the regression model fit to the baseball data in Table B.22, using team ERA to predict the number of wins. a. Construct a normal probability plot of the residuals. Is there any indication of...
-
A maker of a certain brand of low-fat cereal bars claims that their average saturated fat content is 0.5 gram. In a random sample of 8 cereal bars of this brand the saturated fat content was 0.6....
-
Let U = {a, b, c, d, e, f} be the universal set and let A = {a, b, c, d, e, f}. Write the set A. Remember to use correct set notation. Provide your answer below: A=
-
Norton Industries, a manufacturer of cable for the heavy construction industry, closes its books and prepares financial statements at the end of each month. The statement of cost of goods sold for...
-
While net income before taxes is frequently used for calculating overall materiality, discuss circumstances when total assets or revenues might be better bases for calculating overall materiality.
-
List four factors that would cause the auditor to use a lower percentage for tolerable misstatement.
-
Jerome Smith, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of March, 2010: Mar 2 Received $7,000 cash...
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. A valid contract must either by typed, printed, or written in pen.
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. A series of letters or e-mail among several persons can satisfy the Statute of Frauds.
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. Personal property is land and anything attached to it.
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. The Statute of Frauds applies only to contracts that have yet to be pe rformed.
-
Has the recent focus on measuring individual performance harmed professional sports?
-
Children who gain weight eat more calories than they use up each day. The ones who gain weight the fastest eat relatively more high-calorie foods such as hamburgers, French fries, and other fast...
-
On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank...
-
Describe how a promise may become binding although the promisor receives no benefit herself.
-
Angela Walsh is a new staff auditor. On her first three engagements, she was assigned to perform tests of controls for acquisitions and payments and test of details of balances for accounts payable....
-
McClain Plastics has been an audit client of Belcor, Rich, Smith & Barnes, CPAs (BRS&B), for several years. McClain Plastics was started by Evers McClain, who owns 51% of the companys stock. The...
-
Auditing standards require the auditor to obtain an understanding of the entity and its environment as a basis for assessing the risks of material misstatements. Business models differ across...
-
What advantage does the private resident buying oce (store-owned offices) aord its stores that independent buying oces do not? Describe two functions of an independent buying office. Describe the 4...
-
10. Consider the following data - == - -5 1 3 4 -1 0 1 1 (a) Find the Least Squares Regression Line. (b) Find the coefficient of correlation and determination. (c) Find a 90% confidence interval for...
-
Which point on the graph y=4x are closest to the point (0, 2)? (Hint: consider the distance formula between two points)
Study smarter with the SolutionInn App