FREE Trial

What are the risks and liability factors in an audit? What are the implications to the auditor? What are the

This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!

Question:

What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?

Expert Answer:

Answer rating: 100% (QA)

Risk is defined as the potential for loss or harm Canadian Tourism Commission CTC 2003a This could be a financial loss damage to property or injury to workers or guests Understandably most tourism ope View the full answer


answer-question
Related Book For  answer-question
Business

Business

ISBN: 978-0324829556

10th Edition

Authors: Willian M Pride, Robert J. Hughes, Jack R Kapoor

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Posted Date: January 04, 2021 11:08:11
See More Questions

Students also viewed these management leadership questions

Q:
What are the risks and rewards of purchasing stocks on margin?
A:
Investors may borrow up to half the cost of a stock purchase In doing so they can purchas......
Q:
What are the risks and rewards of debt financing?
A:
The risk of debt financing is financial risk X the chanc......
Q:
What are the risks of sampling when searching for fraud?
A:
Fraud can be made invisible by the fraud parties with the help of different techniq......
Q:
Gavin wrote the equation p=(3(s+100))/(4) to represent p, the profit he makes from s sales in his lawn -mowing business. Which equation is solved for s?
A:
Given the equation p 3 s 100 4 Where p profit made s sales Sol......
Q:
The probability that a student will attend class is p = .84. The probability that a student will skip class is p = .16. The probability that a student will both attend and skip class is p = 1.00....
A:
Attending class and sk......
Q:
A light rope passes over a light, frictionless pulley. One end is fastened to a bunch of bananas of mass M, and a monkey of mass M clings to the other end (Fig. P11.48). The monkey climbs the rope in...
A:
a b t MgR MgR 0 dL r d and since r 0 L constant Since the total angular momentum......
Q:
Fraud perpetrators often live beyond their means since their income does not support their lifestyle. (True/False)
A:
True Living beyond one s means where the lifestyle exceeds the financial resources or income can be......
Q:
A transparent adhesive tape manufacturer produces a wide array of products, including sticky notes, as well as branded and unbranded adhesive tape of different sizes and shapes. Large office supply...
A:
The manufacturer could set sales targets and associated incentives......
Q:
A group of butterfly lovers examine n butterflies to determine which are part of the same species. Their examination produces a set of m assertions of the form S(x, y), meaning "butterflies z and y...
A:
This problem involves handling relationships between butterflies based on assertions about their species Here are the algorithms for each part a Algorithm to Check Species Equality python def same spe......
Q:
You are asked to design a study determining whether there is a difference in the average fasting blood glucose for individuals with diabetes randomized either to a strictly dietary intervention or to...
A:
Click to View...
Q:
Financial statements of Equuleus Ltd and its subsidiary Fornax Ltd at 31 Dec 2014: Equuleus Ltd Fornax Ltd Profit before tax $ 3200 $ 1800 Income tax expense (1300) (240) Profit for the year Other...
A:
At 1 Jan 2013 Particulars Amount Net fair value of identifiable assets and liabilities of Fornax Ltd Equity 10000 2000 1500 13500 Land 1400 Plant 700 inventory 700 16300 Consideration transferred 1500......
Q:
Discuss how would you apply the following Strategic Quality Management key elements, namely, collaborative quality , creative quality , and strategic quality within the manufacturing sector.
A:
Collaborative quality creative quality and strategic quality are all essential elements of Strategic Quality Management SQM that can be effectively ap......
Q:
Sofa, only 18 months of age, is learning to use the toilet. First, her parents give her smiles and hugs when Sofia walks into the bathroom. Then they give her songs and praise when she points to the...
A:
The detailed answer for the above question is provided be......
Q:
Imagine applying the three maturity levels of Operational Excellence in the healthcare sector to address fragmented systems. How would you go about implementing them?
A:
Implementing the three maturity levels of Operational Excellence in the healthcare sector to address fragmented systems requires a systematic approach Here s a step by step guide on how you can implem......
Q:
Pretend you have a family member or friend who has a landscaping business. How would you explain the need for a POR in the accounting record of their business?
A:
Certainly I d explain to my family member or friend in the landscaping business that a Purchase Order Request POR is a crucial component of their acco......
Q:
Thaler & Co. anticipates an increase of $1,000,000 in net operating income from the first year's sales of a new product. The taxes will be $350,000 and the company took $150,000 in depreciation...
A:
Operating Cash Flow OCF is calculated using the following formula OCF Net Operating Incom......
Q:
Calculate the followings Piper Inc. Selected Financial Data Net Sales Cost of Goods Sold Inventory Receivables Payables a. Days Inventory Outstanding (DIO) b. Days Sales Outstanding (DSO) c. Days...
A:
To calculate the required metrics we need to use the following formulas Days Inv......
Q:
Write a function that reads a Float24_t value: Float24_t float24_read(void) A legitimate float24 value string is of the form: "mantissabexponent" where the mantissa (m) and the exponent (e) may have...
A:
Float 24 t float 24 read void Float 24 t new Float int 16 t mant issa 0 int 8 t exponent 128 int sig......
Q:
If you were an operations manager, what would you do if market demand exceeded the production capacity of your manufacturing facility? What action would you take if the production capacity of your...
A:
When market demand exceeds capacity several options are available to the firm including the followin......
Q:
Explain how the five steps of the organizing process determine the characteristics of the resulting organization. Which steps are most important?
A:
The first step in determining the dimension of an organizations structure is to divide t......
Q:
What is the purpose of market segmentation? What is the relationship between market segmentation and the selection of target markets?
A:
The purpose of market segmentation is to divide markets on the basis......
Discovering The Global Past 4th Edition - ISBN: 1111341427 - Free Book