hope to accomplish by confirming a client’s year-end accounts receivable are existence‚ completeness‚ and valuation. By using confirmations‚ the auditors are hoping that the third party would confirm or deny the stated amount‚ or add additional comments with the confirmation. By examining the exceptions (which includes the non-repliers)‚ the auditors are accomplishing the existence (client exists)‚ completeness (balances that should be recorded are recorded)‚ and valuation assertion (amount is appropriate)
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relevant way. When referring to ‘tone at the top’‚ business ethics experts believe having a strong ‘tone at the top’ helps prevent fraud and other unethical practices in a company. The main objectives of application controls are to ensure the completeness and accuracy of the records and the validity of the entries made therein. In application controls‚ there are typically three key system stages of input‚ processing and output. The input controls are generally supposed to assure validity and accuracy
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Auditing Chapter 2 and 3 Chapter MC 2 2.26 - 2.29 Q 65‚ 70(I) 2.26) Which of the following categories of principles is most closely related to gathering audit evidence? A. Performance 2.27) Which of the following is not related to ethical requirements of auditors? D. professional judgment 2.28) One of an accounting firm’s basic objectives is to provide professional services that conform to professional standards. Reasonable assurance of the achieving this objective can be obtained by the
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transactions are recorded (completeness)Recorded cash disbursement transactions are stated at the correct amounts (accuracy) | Examine file of completed bank reconciliations | 3. | Use of pre numbered voucher packages‚ properly accounted for | Existing acquisition transactions are recorded (completeness) | Account for a sequence of voucher packages | 4. | Use of pre numbered checks‚ properly accounted for | Existing cash disbursement transactions are recorded (completeness) | Account for a sequence
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a utilitarian theory of ethics which states that a person’s act is morally right if and only if it produces the greatest overall utility. In assessing a moral theory there are four adequate criteria which are: completeness‚ explanatory‚ practicability and moral conformation. For completeness‚ an ethical theory should support all meaningful moral claims‚ neglecting none of the claims. Next‚ there is explanatory power. For this assessment a theory should provide insight into what makes something moral
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the serial numbers are assigned within the organization but are not entered in perfect serial number sequence. | | True | | | False | Question 13 | | 0 / 1 point | Input control goals include those to ensure input validity‚ input completeness and input accuracy. | | True | | | False | Question 14 | | 0 / 1 point | Programmed edit checks are edits automatically performed by data entry programs upon entry of the input data. | | True | | | False | Question 15
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communication "C" words to create efficient communication at all levels of your company‚ and to help make interactions with customers more effective as well. Seven C’s of Effective Business Communication i. Correctness ii. Clarity iii. Conciseness iv. Completeness v. Consideration vi. Concreteness vii. Courtesy 1. Correctness At the time of encoding‚ if the sender has comprehensive knowledge about the decoder or receiver of message‚ it makes the communication an ease. The encoder should know the status
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Overstated net income implies assertion of occurrence‚ completeness and accuracy.. 2. Industry issue: Sales’ price gone down to compete with U.S’s market Increase the incentive to smoothing the net income make the financial statement looks better. AAR can decrease as risk of misstatements on the Income Statement increases. External users may rely heavily on reported Net Income. Overstated net income implies assertion of occurrence‚ completeness and accuracy. 3. Financing Issue: A requirement
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Ans. (a). Transmission Par -2 1. 7’c of effective communication 1.Courtesy and consideration - Improves Relationship 2. Clarity -Make comprehension better 3. Credibility -Builds Trust 4. Correctness -Builds confidence 5. Completeness and consistency -Introduces stability 6. Concreteness -Reinforces Confidence 7. Conciseness -Save time 2. Space Language Business communication Part-1 Question 1. Communication is an essential function of Business Organizations
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ACCT3708 Week 3 Tutorial Q1. What is the link between audit risk and engagement risk? How does the audit risk model allow the auditor to deal with these risks in the most cost effective manner? Audit risk is the risk that the auditor gives the wrong opinion – this can either be stating errors when there are none or when there are errors stating that there are none. This risk cannot be eliminated as auditors can only provide a reasonable assurance and not absolute‚ but instead this can only be managed
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