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Audit Assignment (Example)

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CHAPTER 6 Assessing risks and internal control SOLUTIONS FOR REVIEW CHECKPOINTS 6-1 The four risks included in the audit risk model and their descriptions are: Inherent risk: the probability that material misstatements due to errors or fraud have entered the data processing system. Control risk: the probability that the auditee's system of internal control will fail to detect material misstatements provided any enter the accounting system in the first place. Detection risk: the probability that audit procedures will fail to find material misstatements provided any have entered the system and have not been detected or corrected by the auditee's internal control system. Audit risk (also sometimes called "overall risk" or “tolerable risk” or ”ultimate risk”): a concept applied both to the probability of giving an inappropriate opinion and to the probability of failing to discover material misstatements in a particular disclosure or account balance. It represents the amount of risk controls are good especially extras since may not be contracted through segregated office staff (movers might arrange these with customers unknown to office stafrf and pocket extra cash) - so high IR Valuation: -- case facts suggest a risk of errors of calculating customer charges due to the different types of revenue and extra charges that are difficult to monitor so high IR Ownership: - no case specific facts suggest a risk of billing unauthorized amounts so low IR Presentation: classification not complex accounting policies for revenue & disclosure are clear to apply management has strong accounting skills - so low IR (An exception may be for the recording unrealized gain on futures in revenues - not ‘held for trading’ so it’s not GAAP to put with ordinary revenues OCI would be appropriate - this seems to be a specific risk on this aspect of the revenue total only) [...]

Order Description:

Hi there. I have an Audit assignment which needs to be done. There are 5 questions only. I need answers to those questions.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $15

Words 550

Pages 2

Completed in 3 days

Expert Sweetmary

Client Review

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