Question: When an auditor identifies unexpected misstatements or errors, he/she will ( select one ) i)re-evaluate the effectiveness of internal controls and overall assessment of risk.

When an auditor identifies unexpected misstatements or errors, he/she will ( select one )

i)re-evaluate the effectiveness of internal controls and overall assessment of risk.

ii)plan to conduct predominately substantive tests.

iii)increase the level of tests of internal controls.

iv) none of the above

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:

1-Which of the following would be classified as a misstatement due to error or fraud? Select all that -apply. the auditor determines a probable loss from a pending lawsuit should be accrued for...

Q:

Could you please answer these multiple choice questions 1.If an auditor reviews the reasonableness of the depreciation expense by considering the acquisitions and disposals and comparing their...

Q:

I need answers to these multiple choice questions. Thanks Deviations: are errors that affect account balances by a material amount. are relevant only when they occur consistently throughout the...

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:

auditing TIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following is not one of the three primary objectives of effective internal...

Q:

Concerning errors, irregularities and illegal acts, the auditor should plan the audit with an attitude of: Select one: professional scepticism. cautious mistrust. adversarial pursuit. seasoned...

Q:

less than 150wrds more than 100!! try using key terms if applicable please and thank you. 7. You are working on the audits of financial statements for two different companies. You are responsible for...

Q:

Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize differences between the reports (other than the name of Company, Audit Firm, Financial statement...

Q:

I have done milestone 1,2 and 3 but need help articulating the final audit report based on these three documents. Final report (summary) should be 8-10 pages plus cover page and supporting documents....

Q:

I have another part of the project that I need assistance with if you re interested in answering part two. I have attached the prompt In this milestone, you will draft a major portion of Section III...

Q:

Find the covariance of the random variables X and Y having the joint, probability densityfunction. (+ y. 0

Q:

Write a comprehensive assessment connecting the course theories and concepts to your professional life. State what you have learned as a result from what you have read, discussed and practiced. You...

Q:

Question ( 2 ) Which statements are correct about operating expense percentage? It is a financial indicator over which management can exert significant control over the longer term. As management's...

Q:

A stock has a beta of 1.2. The risk-free rate is 3.7 percent and the overall markets expected return is 12.3 percent. What is the expected return on the stock? 8.6 percent 14.02 percent 14.76 percent...

Q:

Get married, do not wait for me

Q:

Do not pay him, wait until I come

Q:

Do not get married, wait until I come, etc.