auditing

Which Of The Following Sample Planning Factors Would Influence The Sample Size For A Substantive Test Of Details For Specific Account?

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Which Of The Following Sample Planning Factors Would Influence The Sample Size For A Substantive Test Of Details For Specific Account? As the assessed levels of inherent risk, control risk, and detection risk for other substantive procedures directed toward the same specific audit objective decreases, the auditor’s allowable risk of incorrect acceptance for the substantive

Who Appoints Auditor?

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Who Appoints Auditor? After incorporation of a company in the first annual general meeting, an Auditor must be appointed by the Board of Directors. The Auditor will typically hold term till the conclusion of 6th AGM or 5 years. The appointment of an Auditor can also be made for a period of 1 year, renewable

Which Type Of Audit Evidence Is The Most Commonly Used In An Audit Can You Explain It?

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Which Type Of Audit Evidence Is The Most Commonly Used In An Audit Can You Explain It? Through confirmations, auditors confirm the closing balance recorded in the financial statements for particular parties. The most effective audit evidence gather for accounts receivable is the circularization sent to receivable balance parties. The same is true for accounts

Are Companies Required To Have An Audit?

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Are Companies Required To Have An Audit? Yes. By law, the annual financial statements of public companies must be audited each year by independent auditors, accountants who examine the data for conformity with U.S. Generally Accepted Accounting Principles (GAAP). Which companies are required to be audited in us? Public companies, private businesses, companies that control

Which Of The Following Procedures Would A CPA Likely Perform During The Planning Stage Of An Audit?

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Which Of The Following Procedures Would A CPA Likely Perform During The Planning Stage Of An Audit? Which of the following procedures would a CPA most likely perform during the planning stage of the audit? Evaluate the reasonableness of management’s allowance for doubtful accounts. Determine areas where there is a higher risk of material misstatement.

Which Of The Following Procedures Should An Auditor Perform Concerning Litigation Claims?

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Which Of The Following Procedures Should An Auditor Perform Concerning Litigation Claims? Which of the following procedures should an auditor perform concerning litigation, claims, and assessments? Obtain a list from management that discloses all unasserted claims that it considers to be probable of assertion. Audit inquiry letter to legal counsel. Jurisdiction in which the matter