The planning stage of an audit does not include: (a) gaining an understanding of the client. (b)

Question:

The planning stage of an audit does not include:

(a) gaining an understanding of the client.

(b) identifying factors that may affect the risk of a material misstatement in the fi nancial statements.

(d) executing and reporting on an audit.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Auditing A Practical Approach

ISBN: 978-1118849415

2nd Canadian edition

Authors: Fiona Campbell, Robyn Moroney, Jane Hamilton, Valerie Warren

See More Books

Question Posted: Apr 05, 2019 11:33 AM

See More Questions

When gaining an understanding of the client, the auditor will consider: (a) related party identification. (b) the appropriateness of the clients system of internal controls to mitigate identified...
An airline company has been adversely impacted by the global financial crisiss effect on business travel. In addition to lower overall demand, the airline company faces increased competition from...
Profitability ratios are used to assess performance and: (a) Companies will be interested in trends in the ratios. (b) Companies will try to have the same ratio in each month of operation. (c) Should...
With only a straightedge and compass, use a number line and the Pythagorean theorem to construct a segment whose length is 2. Measure the segment as accurately as possible, and write your answer in...
Easton Pump Company's planned production for the year just ended was 20,000 units. This production level was achieved, and 21,000 units were sold. Other data follow: Direct material used...
Lightning Electronics is a mid-size manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totalling $100,000 but that...
Hemlock Semiconductor Operations, LLC, and SolarWorld Industries Sachsen GmbH, are both companies involved in the manufacture of components for solar power products. Prior to the lawsuit, the two...
Nonmonetary Exchanges on August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hydes asset are referred to below as Asset A, and Wiggins is referred to as Asset B. The following facts...
Discuss the importance of an object-oriented database. How does it differ from the relational model?
Complete Form 941 for the 4th quarter for TCLH Industries (which is located at 202 Whitmore Avenue, Durham, NC 27701; Employer Identification #44-4444444). Assume that all necessary deposits were...
The auditor must consider whether it is appropriate to assume that the client will remain as a going concern: (a) because this means that assets are valued on the basis that they will continue to be...
Client closing procedures: (a) Are routine transactions that do not have an impact on audit risk. (b) Are the responsibility of those charged with governance who must ensure that transactions are...
Explain why estimates are required to calculate expected present value when conditions are not ideal.
Consider the linear transformation T : P2(R) P2(R) given by T() = 2f', where f' is the usual derivative of f. (a) (4 points) Let S == {1, x, x2} be the standard basis of P2(R). Find [T(S,S)] the...
Create a system in JAVA that will check if the number is a Prime Number or not. You are also required to draw the flowchart diagram and write the pseudocode for this program. After the user enters a...
Reflect on a time when a supervisor or professor announced a change that you, the worker/student, did not want to adopt. What were the reasons for your resistance to change? Was the...
What were some of Nick's challenges when asked to implement his superior's vision for the newspaper? . Discuss your reaction to Nick's story. Identify one of Tim's leadership traits (i.e....
A) What should you consider when developing, implementing, monitoring, and reviewing strategies to support the inclusion of all children? How can you work with relevant other stakeholders to plan and...
What insights can be gained by using sensitivity analysis, scenario analysis, and NPV break-even analysis?
Refer to the data in QS 10-1. Based on financial considerations alone, should Helix accept this order at the special price? Explain.
Kerry is a senior auditor and a member of the team auditing a long-standing client, the listed public company Darcy Industries Ltd. Kerry's wife's uncle died recently and his estate is being...
Elise Lauziere is the partner in charge of the audit of Hertenstein Ltd., a large listed public company. Elise took over the audit from Marjorie Szliske, who has recently retired from the audit firm....
Linda is the managing partner of Osuji and Associates, a small audit firm. Linda's role includes managing the business affairs of the firm, and she is very worried about the amount of fees...
3. (6 pts) Write MIPS code to implement the function below. Assume that func has already been implemented and that it is used correctly in the code below. There is more space on the next page. int do...
Do you believe that a company integrating ethics into its strategy and design can provide great returns to stakeholders as well? Explain why this is your belief and support your opinion with examples.
Subnet 150.66.30.0/24 100 Mbps Ethernet R1 R2 1 Gbps Ethernet R3 Serial 1.544 Mbps 3. (9 points) Consider the 3-router network above. Assume that routers R1, R2 and R3 are running OSPF with default...

The planning stage of an audit does not include: (a) gaining an understanding of the client. (b)

Question:

Step by Step Answer:

d Execu...View the full answer

Auditing A Practical Approach

Students also viewed these Business questions