Question: Act5743-please help with explanation 1) Analytical procedures used in planning an audit should focus on a)Assessing the adequacy of the available evidential matter b)Assessing business

Act5743-please help with explanation

1)Analytical procedures used in planning an audit should focus on

a)Assessing the adequacy of the available evidential matter

b)Assessing business risk

c)Providing assurance that potential material misstatements will be identified

d)None of the above

2)The main source of sampling risk is

a)Auditor error

b)Poor client controls

c)A non-representative sample

d)Inherent risk assessed too high

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
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 Accounting Questions!

Q:

9. To better understand the month-to-month variation of the business, you want to know if average daily revenue across months is the same. You want to use an appropriate statistical technique to test...

Q:

1- Which of the following procedures would an auditor likely include in the initial planning of a financial statement audit? Obtain an attorney's letter Examining documents to detect illegal acts...

Q:

explain throughly every choice 1. Analytical procedures used in planning an audit should focus on a. Reducing the scope of tests of controls and substantive tests. b. Providing assurance that...

Q:

Analytical procedures used in planning an audit should focus on Assessing the adequacy of the available evidential matter Assessing business risk Providing assurance that potential material...

Q:

Question 4 1 Analytical procedures used in planning an audit should focus on: reducing the scope of tests of controls and substantive tests. providing assurance that potential material misstatements...

Q:

1.Monitoring, as an element of quality control policies of a firm, requires: a.Providing reasonable assurance that the firm's other quality control policies and procedures are effectively operating....

Q:

1.Monitoring, as an element of quality control policies of a firm, requires: a.Providing reasonable assurance that the firm's other quality control policies and procedures are effectively operating....

Q:

1.Monitoring, as an element of quality control policies of a firm, requires: a.Providing reasonable assurance that the firm's other quality control policies and procedures are effectively operating....

Q:

analytical procedures used in planning an audit should focus on: a. reducing the scope of tests of controls and substantive tests b. providing assurance that potential material misstatement will be...

Q:

Analytical procedures used in planning an audit should focus on: Multiple Choice providing assurance that potential material misstatements will be identified. reducing the scope of tests of controls...

Q:

Analytical procedures used in planning an audit should focus on: Group of answer choices reducing the scope of tests of controls and substantive tests. providing assurance that potential material...

Q:

The below are the ending account balances as of June 30, 2021 for Excell Company. account title Debts Credits Money ps 87,000 Short-term investments 69,000 Accounts receivable (net) 284.000 Prepaid...

Q:

The following seven independent Cases make varying assumptions with respect to Roger Blaine and his 2019 tax status. In all Cases, where Roger earned employment income, his employer withheld the...

Q:

A 7 5 4 election permits a partnership to: Group of answer choices disguise property contributions as dividends elect to defer income to future years allow flexibility in income allocations adjust...

Q:

Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2014. Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2....

Q:

Gate City Cycles had trouble collecting its account receivable from Shawna Brown. On June 19, 2016, Gate City finally wrote off Brown's $700 account receivable. On December 31, Brown sent a $700...

Q:

Susan Knoll is an attorney in Los Angeles. Knoll uses the direct write-off method to account for uncollectible receivables. At January 31, 2016, Knolls accounts receivable totaled $18,000. During...

Q:

Consider internal control over receivables collections. What job must be withheld from a companys credit department in order to safeguard its cash? If the credit department does perform this job,...

Q:

The trial balance of Steve Mentz, CPA, is dated March 31, 2017: During April, the business completed the following transactions: Apr. 4 Collected $1,000 cash from a client on account. 8 Performed tax...

Q:

TOPIC: Discuss the role of customer relationship management in modern marketing approach. What are the main principles of customer relationship management. Explain the topic in terms of technology...

Q:

8. How can an interpreter influence the message?

Q:

The geographical location of the sender, i.e. where the sender resides

Q:

Subjective norms, i.e. the norms of the target group