Should standards be used to identify who to blame for problems?

Q: What are the benefits and Flaws of Payback Screening?

A: The payback period alludes to what extent it takes for a speculator to hit breakeven to recoup the…

Q: How is sensitivity analysis used to cope with uncertainty in decision making?

A:

Q: What are risk assessments?

A: Risk assessment means identification of risk faced by a business organization that hampers it from…

Q: What risk creates a demand for independent and objective outsiders to provide assurance to decision…

A: The assurance individuals aim to mitigate the risk of errors in the financial statements and improve…

Q: What recommendations will you give to prevent fraud?

A: Fraud is an unethical activity performed against an organization's policy in order to take personal…

Q: What is the current approach embraced by standard setters in measurement and write its advantages…

A: Measurement is the manner of determining the quantitative values at which items of financial…

Q: what is the Social-ethic audit?

A: The social work ethics audit is a method for social workers to evaluate ethical questions in a…

Q: Explain Deficiency Judgment?

A: To borrow funds, borrower might be required to mortgage its property to the lender. In case that…

Q: What must occur if a Significant Deficiency is identified?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: analysis needed

A: Risk Analysis is a process that helps you identify and manage potential problems that could…

Q: What is the difference between best efforts and underwriting?

A: The term best efforts allude to a specialist organization's consent to take the necessary steps to…

Q: is profile measurement and analysis? What are the limitations of this approach?

A:

Q: Which of the following factors will most likely have a negative impact or

A: Functions of Budget: Planning: It facilitates planning for future activities. Controlling: Budgets…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: definition of political risk and how mitigate it?

A: Political risk are risk arising due to political parties of countries with change in government…

Q: What is the criticism for using SMB and HML as risk factors?

A: The Fama and French Three-Factor Model (or Fama French Model for short) is an asset pricing model…

Q: What are the relative merits and disadvantages of a current system survey?

A: System Survey: System survey is defined as the process of determining the elements of information of…

Q: How does the use of scenarios differ from sensitivity analysis?

A: Sensitivity analysis and scenario analysis are the assessment techniques that are used in investment…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: What is the risk of Incorrect Acceptance?

A: Risk of incorrect acceptance: The risk that the sample selected by the auditor may show that there…

Q: What are the risks from subversive threats?

A: Taking illegal access over a firm internal system network by doing activity of surpassing the…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What principles are essential to an effective risk management program?

A: All types of organizations face different types of risks which may affect their chances of success.…

Q: What are the types of situations that result in troubleddebt?

A: Troubled debts can result in two different situations, which are as…

Q: what are the difference between Preventive Controls and Detective Controls?

A: Financial Reporting control activities are imposed on the accounting standard for the purpose of…

Q: What is the cause of the agency problem and how do we try to solve it?

A: Agency Problem:  An agent is a person who acts on behalf of another person. An agent should always…

Q: What is the iceberg effect? How can CASE tools help to minimize this phenomenon?

A: The Iceberg Principle or Iceberg Theory is a hypothesis that proposes that we can't see or recognize…

Q: How does the source of evidence affect its reliability?

A:

Q: Conduct proper hypothesis testing?

A: Hypothesis testing is also called as statistical tests. The test which is conducted to make…

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What is the relationship between Evidence and Detection Risk?

A: Detection risk is the risk that an auditor will not find a material misstatement in a client's…

Q: What is a MIS report, why is it  prepared?

A: MIS is Management Information System. Management information system is an integrated collection of…

Q: What factors led to the success of SafeSave?

A: The SafeSave payment services is an online platform that provides the facility for the payments for…

Q: What is the “expectations gap”? What is the professiondoing to try to close this gap?

A:

Q: Professional skepticism is

A: Answer with explanation related to Professional Skepticism is given below,

Q: What are practical weaknesses of NPO?

A: Organizations are described as business units which are established by the individuals, or group of…

Q: What is an audit program

A: Audit program An audit programme is a detailed, written statement designed by the auditor indicating…

Q: What is a goingconcern problem? What factors can contribute to such aproblem?

A: Given: To analyse about the going concern problem and its factors contribution as follows,