What is a person using when they apply professional judgment in an audit engagement?
Question:
What is a person using when they apply professional judgment in an audit engagement?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
In exercising professional judgment ...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Auditing An International Approach
ISBN: 978-1259087462
7th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
Question Posted:
Students also viewed these Business questions
-
How does an auditor identify facts that are relevant to determining whether there are misstatements in the financial statements being audited?
-
What is the role of objectivity in conducting an audit that complies with GAAS?
-
Give an example of a situation that would be reported in an EOM paragraph in an audit report containing an unmodified opinion.
-
Verify that the functions are probability density functions for a continuous random variable X over the given interval. Determine the specified probability. f(x) = xe over [0, ), P(1 X 3)
-
Why is only a trace amount of acid used in the formation of an N-glycoside?
-
The intensity I of light decreases from its value I 0 as it passes a distance x through a medium. Given that x = k(ln I 0 ln I), where k is a constant depending on the medium, find x for I = 0.850I...
-
Consider the IRR and ERR measures of worth. If we define a root to mean a value for the measure that results in \(\mathrm{PW}=0\), then which of the following statements is true? a. Both IRR and ERR...
-
The common stock of Warner Inc. is currently selling at $110 per share. The directors wish to reduce the share price and increase share volume prior to a new issue the per share par value is $10;...
-
Find a HAMILTONIAN PATH of the graph below (Give a sequence of letters to describe the path (e.g. A, D, E, B, A etc.) B E F G Paragraph B I UA Lato (Recom... v 19px... v L > Ea 5 0
-
Consider the following relation: TRIP (Trip_id, Start_date, Cities_visited, Cards_used) This relation refers to business trips made by company salespeople. Suppose the TRIP has a single Start_date...
-
Which of the following is not required by CASs? a. Management representation letter. b. Lawyers letter. c. Management letter. d. Engagement letter.
-
What is involved in exercising professional judgment?
-
In Problems 23-26, suppose that people's heights (in centimeters) are normally distributed, with a mean of 170 and a standard deviation of 5. We find the heights of 50 people. a. How many would you...
-
Mr. B died in 2019 at the age of 72. In his will, Mr. B made several bequests to the members of his family. The executor of Bs estate wants to know which of the following bequests constitute...
-
John Henry Harris was left a 1962 Impala convertible by his uncle, Billy Bob Harris. After receiving the car, John determined that five cars in his family were too many. As a result, he disclaimed...
-
An S corporation has an accumulated adjustments account balance of $50,000 at the beginning of the year and accumulated earnings and profits of $20,000. The corporation earns $40,000 for the year....
-
The $15,000 exclusion would be available in which of the following transfers? a. Revocable transfer in trust to W for life, then to S. b. Irrevocable transfer in trust to W for life, then to S. c....
-
Delta Corporation, a calendar-year S corporation, has an accumulated adjustments account of $8,000. It also has accumulated earnings and profits from pre-1983 years of $12,000. The sole shareholder...
-
Regarding conditional probability: a. What is it? b. Which event is the "given event"?
-
Ex. (17): the vector field F = x i-zj + yz k is defined over the volume of the cuboid given by 0x a,0 y b, 0zc, enclosing the surface S. Evaluate the surface integral ff, F. ds?
-
When documenting an audit data analytic (ADA), an experienced auditor with no prior connection to the engagement should be able to understand all these elements of the ADA except. a. Results of...
-
What is the tainting percentage? How is it calculated?
-
How do input controls affect managements assertions with respect to the financial statements?
-
Assume that an economy is based on two industrial sectors, agriculture (A) and energy (E). The technology matrix M is: A E A-> 0.6 0.1 =M E-> 0.1 0.7 How much input from A and E are required to...
-
Data Analytics Problem DAPS.1 Data Analytics Wheels and Skis Inc. is a seasonal business that sells bikes and skis. Offering products for both summer and winter outdoor activities allows sales to be...
-
P/R End Date Check Date 2/10/2023 2/14/2023 Company Name: Prevosti Farms and Sugarhous Number Number of Name Filing Status Dependents Dependents Hourly Rate or Under 17 Over 17 Period Wage of Regular...
Study smarter with the SolutionInn App