Homework Help is Here – Start Your Trial Now!
Business
Accounting
Audit committee Audit plan Confirmation Cutoff Inherent risk Misappropriation of assets representation of management Risk Substantive procedures Test of controls

Audit committee Audit plan Confirmation Cutoff Inherent risk Misappropriation of assets representation of management Risk Substantive procedures Test of controls

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 23CYBK
See similar textbooks
icon
Related questions
Question
Audit committee Audit plan Confirmation Cutoff Inherent risk Misappropriation of assets representation of management Risk Substantive procedures Test of controls
2 Select the necessary words from the list of possibilities to complete the following statements. Statements 1. Audit risk at the account balance level consists of three components: (1) (2) control risk and (3) detection risk. The auditors must assess the risk of material misstatement of financial statements due to the two types of fraud, fraudulent financial 2. reporting and 3. The provides an overview which includes the nature, timing and extent of procedures to be performed in an audit. The authenticity and accuracy of an account receivable may be tested by 4. with the debtor, or by vouching entries in the account to supporting documents. 5. The term refers to the process of determining that transactions are reflected in the proper accounting period. Performing certain audit procedures at an interim date, rather than at the balance sheet date, results in additional 6. be controlled by the auditors. that i 7. Assertions are that are set forth in the financial statements. 8. Tests of balances and transactions designed to detect material misstatements are called
Transcribed Image Text:2 Select the necessary words from the list of possibilities to complete the following statements. Statements 1. Audit risk at the account balance level consists of three components: (1) (2) control risk and (3) detection risk. The auditors must assess the risk of material misstatement of financial statements due to the two types of fraud, fraudulent financial 2. reporting and 3. The provides an overview which includes the nature, timing and extent of procedures to be performed in an audit. The authenticity and accuracy of an account receivable may be tested by 4. with the debtor, or by vouching entries in the account to supporting documents. 5. The term refers to the process of determining that transactions are reflected in the proper accounting period. Performing certain audit procedures at an interim date, rather than at the balance sheet date, results in additional 6. be controlled by the auditors. that i 7. Assertions are that are set forth in the financial statements. 8. Tests of balances and transactions designed to detect material misstatements are called
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
External Confirmations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q…
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Contemporary Auditing
Contemporary Auditing
Accounting
ISBN:
9781337650380
Author:
KNAPP
Publisher:
Cengage
SEE MORE TEXTBOOKS