Question: The auditor has determined that they will need a lower than average amount and extent of evidence for a particular audit. This likely means that

The auditor has determined that they will need a lower than average amount and extent of evidence for a particular audit. This likely means that planned detection risk was assessed as

Question 7 options:

A - zero

B - lower than average

C - average

D - higher than average

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!

The auditor has determined that they will need a lower than average amount and extent of evidence for a particular audit. This likely means that planned detection risk was assessed as Question 7...

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...

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....

ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best describes the test data approach? A) Auditors process...

Last week you answered a question for me dealing with auditing and the company Lockheed Martin Corporation. was wondering if you could answer this following up on last week question. In further...

On June 28, 2012, Richard Abernethy, managing partner of Abernethy and Chapman, met with the firms three-member engagement review committee to discuss the Lakeside Company audit. He believes that...

Which of the following best describes the reason why an independent auditor reports on financial statements? Select one: a. Different interests may exist between the company preparing the statements...

1. When inherent risk is assessed as higher(i.e. more material errors are likely toexist) and control risk is assessed the same from one year to thenext, what is the likely effect on detectionrisk?...

Please see the attached items. I need help completing. ACCT 612 FINAL EXAM SECTION 1: 2 POINTS EACH. PLEASE SELECT THE BEST ANSWER TO EACH OF THE FOLLOWING QUESTIONS. 1) Which of the following best...

6. Four months after Aiks Aiks & Associates issued an unqualified opinion on the financial statements of Delicious Mushroom (DM) Ltd, Monty Aiks the audit partner discovered that audit team failed to...

j4 - Notepad File Edit Format View Help Ladr if else abc 123 1. Define scanners for Digits, Keywords, and Identifiers. I X (

Evaluate her AGI calculation and make any necessary corrections, if any. Explain your changes, if any, based on the tax law. During 2021, Julie, age 40, single, had the following transactions: Salary...

the balance sheet for quinn corporation is shown here in market value terms. there are 10,000 shares of stock outstanding. cash fixed assets market value balance sheet $ 45,300 equity 470,000 $...

Hayden Corporation identified the following costs for the most recent fiscal year: Vendor (supplier) evaluation = $20,000 Design engineering = $100,000 Scrap = $15,000 Training = $30,000 Warranty =...

2. In this chapter, the reader should reflect on the following concepts: Linear relationships, circular relationships, patterns, critical variables and sociological laws.

2. As your starting point, take a situation at your workplace that often recurs, and answer the following questions: (a) Which elements are included? (b) How are the elements related to each other?...

A greater tendency to create winwin situations.