Question: In considering whether an assertion is a relevant assertion, the auditors consider which of the following relating to possible related misstatements? Inherent Risk Control Risk

In considering whether an assertion is a relevant assertion, the auditors consider which of the following relating to possible related misstatements?
Inherent Risk Control Risk
a. Yes Yes
b. No No
c. Yes No
d. No Yes
Multiple Choice
Option a
Option b
Option c
Option d

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:

In considering whether an assertion is a relevant assertion, the auditors consider which of the following relating to possible related misstatements? Likelihood of OccurringMagnitudeA ) YesYesB )...

Q:

In considering whether an assertion is a relevant assertion, the auditors consider which of the following relating to possible related misstatements?

Q:

Alpine Cupcake Audit Case- Cash Module Question 4: You have concerns about the adequacy of the substantive audit work done by the engagement team. Review in detail the cash confirmation and bank...

Q:

Alpine Cupcakes, Inc. Audit Case Assignments Assignment: Before beginning the assignment, take a moment to look through the papers in this module. Note in the lower left-hand corner that some...

Q:

Multiple Choice 1. An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entitys operating activities in relation to specified objectives is a(n): a....

Q:

1 . You are a registered candidate auditor and engaged as the audit manager to audit the financial statements of Amalinda Ltd for the financial reporting period ended 3 1 March 2 0 2 0 . After...

Q:

Q1. Research, cite, and summarize (in one or two sentences per standard identified) the auditing standards that address Garcia and Foster, CPA's, responsibility in relation to sending accounts...

Q:

Question 11 (12 marks) Items 1 through 6 present various internal control in place 1. Credit is granted by a credit department. 2. Once shipment occurs and is recorded in the sales joumal, all...

Q:

MULTIPLE-CHOICE QUESTIONS 1. Which of the following statements is true regarding the concept of materiality? a. Materiality is the magnitude of an omission or misstatement of accounting information...

Q:

Hi can u pls help me to find out the auditing MCQ questions answer .I attach a file.please.My email id is (ruhin_1986@yahoo.com) 1 Marks: 1 When an auditor calculates the gross margin as a percent of...

Q:

Prepare a statement of liquidation that ends on the orange line. Also give the schedule of safe payments note: Carl is insolvent. PROBLEM #5 Distribute available cash NON-CASH BARON, ALEX, BARON,...

Q:

The Coca-Cola Company reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is comprised of the following: a. How much...

Q:

What is the primary function of secondary markets? a . To issue new financial instruments b . To regulate financial institutions c . To eliminate financial risks d . To provide liquidity by allowing...

Q:

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.