auditing class assignment

Il Critical Thinking and Writing Skills (50 points) A. In February, your new work assignment is the audit of Miramar Company's financial statement of 12/31/2021. The Manager in Charge gives the following audit assignment: Prepare a summary that describes the best practice in accounting system related to accounts receivable. The summary is going to use in the audit of Miramar Company. (20 points) B. In considering materiality for planning purposes, an auditor believes that misstatements aggregating $10,000 will have a material effect on an entity's income statement, but that misstatements will have to aggregate $20,000 to materially affect the balance sheet. Ordinarily. it is appropriate to design audit procedures that are expected to detect misstatements that aggregate (1) $20,000. (2) $15,000. (3) $10,000 (4) $30,000 Choose the best response and the prepare a summary that support your selection (20 points) C. Which of the following would not have a direct impact in determining the sufficiency of evidence gathered during an audit? (1) The cost-benefit relationship of obtaining the audit evidence (2) The quality of audit evidence obtained (3) The auditor's professional judgment (4) The risk of material misstatemen Choose the best response and the prepare a summary that support your selection. (10 points)