Assuming the role of a graduate auditor, you will be completing the audit work relating to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assuming the role of a graduate auditor, you will be completing the audit work relating to the confirmation of accounts receivable for Instrumair Limited. You should note the senior on the audit has reminded you of the importance of professional scepticism. In class you will be working on the final seven confirmations that have been returned (these will be distributed via Moodle) You should specifically consider the following questions and submit your preparation notes; • Which key assertion is tested by the confirmation of accounts receivable? . Given the importance of professional skepticism, discuss three (3) key factors that the auditor should consider when evaluating the responses to accounts receivable confirmations. How would sampling be used in the confirmation of accounts receivable? Assuming the role of a graduate auditor, you will be completing the audit work relating to the confirmation of accounts receivable for Instrumair Limited. You should note the senior on the audit has reminded you of the importance of professional scepticism. In class you will be working on the final seven confirmations that have been returned (these will be distributed via Moodle) You should specifically consider the following questions and submit your preparation notes; • Which key assertion is tested by the confirmation of accounts receivable? . Given the importance of professional skepticism, discuss three (3) key factors that the auditor should consider when evaluating the responses to accounts receivable confirmations. How would sampling be used in the confirmation of accounts receivable?
Expert Answer:
Answer rating: 100% (QA)
Preparation Notes As a graduate auditor I am completing the audit work related to the confirmation of accounts receivable for Instrumair It is importa... View the full answer
Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date:
Students also viewed these accounting questions
-
In the confirmation of accounts receivable for the Reliable Service Company, 85 positive and no negative confirmations were mailed to customers. This represents 35% of the dollar balance of the total...
-
How does the role of a forensic accountant differ from the role of a transactional accountant?
-
How does the role of a forensic accountant differ from the role of an external auditor?
-
Demand-pull inflation occurs because the government prints more (more/less) money in the economy. Consumers then Demand more equilibrium quantity (Q*) of each good increase (increase/decrease)...
-
When evaluating an existing business that is for sale, what areas should an entrepreneur consider? Briefly summarize the key elements of each area.
-
If you have any question feel free to ask me. Pick up a project management book. Based on your project proposal, writing a project final paper is an essential part of the project management process....
-
Calculate the solution to the following mean-reverting rnsteinUhlenbeck SDE: \[d X_{t}=\mu X_{t} d t+\sigma d B_{t}\] with \(X_{0}=x\).
-
A cylinder with a movable piston contains 4.00liters of a gas at 30C and 5.00bar. The piston is slowly moved to compress the gas to 8.00bar. (a) Considering the system to be the gas in the cylinder...
-
(d) Explain what is meant by the statement that "an option contract on the SPX VIX is a bet only on volatility".
-
On 1 January 20x6, Company X acquires the entire share capital of $500,000 comprising of 500,000 ordinary shares in Company Y. Retained earnings as that date amounted to $100,000. In previous years,...
-
There are 34 children in a class. Among them, 17 play netball, 15 play cricket and 19 play soccer. These counts include 9 children who play cricket and at least one other sport. All children play at...
-
What is the McConachie net investment outlay? A. \($400\),000. B. \($420\),000. C. \($460\),000. McConachie Company is considering the purchase of a new 400-ton stamping press. The press costs...
-
Briefly explain the concept of health insurance.
-
Briefly explain the following fee-for-service payment methods: Cost-based reimbursement Charge-based reimbursement and discounted charges Per-procedure reimbursement Per-diagnosis reimbursement ...
-
How does Medicare reimburse hospitals for inpatient stays?
-
Kim Corporation is considering an investment of 750 million won with expected aftertax cash inflows of 175 million won per year for seven years. The required rate of return is 10%. Expressed in...
-
A restaurant has the following options to create a lunch special: group one (rice or noodle), group one (chicken, pork, beef, or vegan), cilantro (yes/no), onion (yes/no). A customer orders the...
-
Describe the Operations (+,,*,/) that can cause negligible addition (NA), error magnification (EM), or subtractive cancellation (SC) in calculating ?((x^2)+1) - x . Give the range of where they might...
-
Entry-level auditing staff often inspects client records and documentation supporting accounting transactions in order to gain evidence about the appropriate application of the applicable financial...
-
MULTIPLE-CHOICE QUESTIONS 1. The auditor is testing the operating effectiveness of controls in the revenue cycle and notes the following: (a) the organization does not regularly follow its credit...
-
TRUE-FALSE QUESTIONS 1. The auditor might believe a heightened risk of fraud exists if the preliminary analytical procedures indicate increases in revenue and net income, but negative cash flow from...
-
Consider a stochastic process such that the underlying security \(S\) follows the model: \[d S_{t}=\mu S_{t} d t+\sigma_{t} S_{t} d Z_{t}\] where \(Z\) is a standard Brownian motion. Suppose the...
-
Calculate the solution to the following SDE: \[d X_{t}=\alpha\left(m-X_{t} ight) d t+\sigma d B_{t}\] with \(X_{0}=x\). The process satisfying this equation is called the meanreverting...
-
If \(X_{t} \sim N(0, t)\), calculate the distribution of \(\left|X_{t} ight|\). Calculate \(\mathbf{E}\left|X_{t} ight|\) and \(V\left(\left|X_{t} ight| ight)\).
Study smarter with the SolutionInn App