Question: When the potential misstatement magnitude related to a control failure is neither material nor significant and the likelihood of misstatement is reasonly possible or probable,

When the potential misstatement magnitude related to a control failure is neither material nor significant and the likelihood of misstatement is reasonly possible or probable, how should the finding be characterized and reported?

Step by Step Solution

★★★★★

3.36 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

When the potential misstatement magnitude related to a control failure is neither material nor signi... View full answer

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!

You have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designer's silk ties. The company has an exclusive franchise on the distribution of the ties,...

"I'm not sure we should lay out $300,000 for that automated welding machine," said Jim Alder, president of the Superior Equipment Company. "That's a lot of money, and it would cost us $84,000 for...

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Weatherford International The oilfield services industry includes thousands of companies large and small that provide drilling, seismic testing, transportation, and a wide range of other services to...

when the potential misstatement magnitude related to a control failure is neither material nor significant and the likelihood of misstatement is reasonably possible or probable how should the finding...

When the potential misstatement magnitude related to a control failure is material and the likelihood of misstatement is reasonably possible or probable, how should the finding be characterized and...

when the potential misstatement magnitude related to a control failure is material and the likelihood of misstatement is reasonably possible or probably, how should the finding be characterized and...

This study investigated the effectiveness of a popular batterers' intervention program in reducing repeated violence among men who were convicted of misdemeanor domestic violence. A classical...

Hi, I need someone to do summary for the article I upload AUDITING: A JOURNAL OF PRACTICE & THEORY Vol. 28, No. 2 November 2009 pp. 1-34 American Accounting Association DOI: 10.2308 / aud.2009.28.2.1...

List and explain 5 key business risks which would impact on the audit of JB Hi-Fi. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their...

Seventy million pounds of trout are grown in the U.S. every year. Farm-raised trout contain an average of 32 grams of fat per pound, with a standard deviation of 7.5 grams of fat per pound. A random...

1. Construct the following circuit. R A V -12V V= 1502 R. 47 92 B R 10092 V-9V 2. Power up and measure voltage across load resistor (Rt) and current in the load resistor. IL =

Which of the following is an example of an expense account? Multiple Choice Salaries Payable Wages and Salaries Expense Cash Owners' Capital Prev 5 of 2 0 Next

A 7.50-nC point charge is located 1.80 m from a 4.20-nC point charge. (a) Find the magnitude of the

2 Blood donors At the halloween party at a well-known academic institution north of Copenhagen not all went smooth and some students had to be taken to medical emergency treatment at Rigshospitalet....

Puzzle of the week: The twelve-coin problem There are twelve coins, eleven of which are identical and one of which is different, but it is not known whether it is heavier or lighter than the others....

1 Ford-Fulkersons algorithm Compute a maximum flow and minimum cut on graph below. 12 13 L 3 6 F 4 8 A 11 B M 2. 2. 2.

Rivets Ltd (Rivets) has an internal audit department that primarily focuses on audits of the efficiency and effectiveness of its production departments. The other main role of the internal audit...

Analytical procedures: (a) Are used to test controls and are not substantive procedures. (b) Are substantive procedures and cannot be used at any other stage of the audit. (c) Are used at planning...

Valuation and allocation is a significant assertion for cash: (a) Always. (b) Never. (c) When the client has cash balances that are held in a foreign currency. (d) None of the above.

Assume that the time required to receive a confirmation that an electronic transfer has occurred is uniformly distributed between 30 and 90 seconds. a. What is the probability that a randomly...

The St. Maries plywood plant is part of the Potlatch Corporations Northwest Division. The plywood superintendent organized a study of the tree diameters that are being shipped to the mill. After...

If the number of hours between servicing required for a particular snowmobile engine is exponentially distributed with an average of 118 hours, determine the probability that a randomly selected...