Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Management Expert

Task1. The primary intention of external audit is to examine the financial statements of the organization and to give an opinion as to whether the financial statements are free from material misstatements. Auditors will have to regard to both the quantitative and qualitative facets of materiality.

Required:

problem1. Name all three aspects by which auditors might consider materiality. Illustrate each aspect with practical instance

problem2. describe the three categories of assertions implied in the financial statements which external auditors must use as a basis for their work. For each category, describe two detailed objectives that auditors might use to design and perform their evidence gathering procedures.

problem3. The auditor must obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions there from.

i) What is meant by the term “audit evidence” and state what it consists of

ii) What factors would affect the auditor’s judgment of whether or not the evidence so collected was sufficient

iii) State the factors which would enable an auditor to assess the reliability of evidence that he has gathered.

Financial Management, Finance

  • Category:- Financial Management
  • Reference No.:- M96815

Have any Question? 


Related Questions in Financial Management

Winston inc is trying to determine the effect of its

Winston Inc. is trying to determine the effect of its inventory turnover ratio and days sales outstanding on its cash conversion cycle. Winston's 2013 sales (all on credit) were $168,000 and its cost of goods sold was 75 ...

An improvement to the roadway is desired from philmont

An improvement to the roadway is desired from Philmont Scout Ranch to Springer in northeastern New Mexico. Alternative N (for north) costs $2, 400,000 initially and $ 155,000/year thereafter. Route SA (for south, Alterna ...

Loan amortizationusing the loan amortization schedule on

Loan Amortization Using the Loan Amortization Schedule on the excel sheet, respond to the following questions. Loan 1: Principal borrowed: $100,000 Total Payments: 30 years (360) Annual interest rate= 5% Start date of th ...

Janicek corp is experiencing rapid growth dividends are

Janicek Corp. is experiencing rapid growth. Dividends are expected to grow at 32 percent per year during the next three years, 22 percent over the following year, and then 7 percent per year indefinitely. The required re ...

You are considering purchasing bonds issued by the farrier

You are considering purchasing bonds issued by the Farrier Forges. The issue matures in 6 years, has a 2 5/8% coupon. You want to earn at least 3.80% and the most you would be willing to pay for $25,000 face value would ...

Case 3 problem investment strategy j d williams inc is an

Case 3 Problem: Investment Strategy J. D. Williams, Inc. is an investment advisory firm that manages more than $120 million in funds for its numerous clients. The company uses an asset allocation model that recommends th ...

1 what is the cash conversion cycle ccc name the components

1. What is the Cash Conversion Cycle (CCC)? Name the components of the CCC and explain why the CCC is important to business. 2. Name and describe the three functions of managerial finance. For each, give an example other ...

Much to your surprise you were selected to appear on the tv

Much to your surprise, you were selected to appear on the TV show, "The Price is Right." As a result of your prowess in identifying how many rolls of toilet paper an average American family keeps on hand, you win the opp ...

On july 5 a market index is at 49254 you hold a portfolio

On July 5 a market index is at 492.54. You hold a portfolio that duplicates the index and is worth 20,500 times the index. You wish to insure the portfolio at a particular value over the period until September 20. You ca ...

Describe reasons why sales promotion is needed influence

Describe reasons why sales promotion is needed (influence consumer decisions, encourage trial of new products, strengthen brand loyalty, influence consumer behavior)

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen