Question: What does the entity level mean when gaining detailed knowledge of the client? How does this differ from the industry level?

What does the ‘entity’ level mean when gaining detailed knowledge of the client? How does this differ from the ‘industry’ level?

Step by Step Solution

★★★★★

3.40 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

When gaining detailed knowledge of a client in the context of auditing auditors consider both the entity level and the industry level as part of their ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related auditing Questions!

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Research various global financial services organizations (for example, UBS AG, E-Trade, Schwab, ING, Bank of America, HSBC, RBS) through their company websites and other publicly available...

Case Study: Quick Fix Dental Practice Technology requirements Application must be built using Visual Studio 2019 or Visual Studio 2017, professional or enterprise. The community edition is not...

What does the 'entity' level mean when gaining detailed knowledge of the client? How does this differ from the 'industry' level?

It is important that an auditor gain a detailed knowledge of their client. Knowledge about the entity is gained through interviewing client personnel, including those charged with governance. The...

Hi! Attached is the case study. My questions for this case study is Conceptual (C)C3.3) on page 8. Conceptual (C) C3.3) Do you believe the independence rules are sufficient to ensure that the public...

Hello tutor, my professor was't satified with my conculsion, that is milestone 4, he said i don't follow up the rubic, can you help me write the conculsion part? i can post it on new part, and pay...

Johnsonville CPAs are currently working on the audit of Townsend, Inc., a retailer of fine bedding and other linen products. The audit managers assigned to the audit are attempting to determine where...

A particle moves along a straight line with equation of motion s = f(t), where is measured in meters and in seconds. Find the velocity and the speed when t = 5. F(t) = 100 + 50 t - 4.9 t2

Orange Hill Manufacturing filed suit against Banana Industries in 2021 seeking damages for patent infringement. At December 31, 2021, legal counsel for Orange Hill believed it was probable that...

you attempt to reconcile a company's bank accounts. there is a difference of $ 8 1 . 0 0 between the bank statements ending balance and the book balance. You cannot locate the $ 8 1 . 0 0 transacaton

BE2-1 For each of the following accounts indicate the effects of (a) a debit or a credit on the and normal balance. accounts and (b) the normal balance of the account. (SO 2) 1. Accounts Payable. 2....

Physical inspection of PPE: (a) Is a useful technique to gather evidence about the completeness of PPE on the balance sheet. (b) Is always done for every asset every year because PPE is a very...

Additions and disposals of PPE: (a) Are usually minor amounts so are not audited. (b) Are usually tested for cut-off. (c) Can be easily audited through analytical procedures so no other tests are...

Subsequent payments testing is: (a) Vouching for a sample of payments made after year end to supporting invoices to ensure that amounts related to invoices dated prior to year end have been included...

x O (3) 90 Minute Skate Se t, Accounting Principles, Seventh Canadian Edition, Volume 1 At the beginning of June 2017, Flint Distributing Company's ledger showed Cash $17,000, une 1 Purchased $9,100...

Codification to identify accounting authority: a. accounting for prepaid advertising b. accounting for reclassification of current to long-term debt c. accounting for accelerated depreciation d....

Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on Investment (ROI), which has been above 24% each of the last three...