What measures should auditors take to prevent clients from discovering their materiality thresholds?
- What measures should auditors take to prevent clients from discovering their materiality thresholds?
Homework Answers
These can be suggestive measures :-
1. Auditor must not share their working papers with the clients and otherwise also auditor is under no obligation to share these with the clients.
2. While planning and preparing for audit , auditor should not dicuss the level of materiality with the management.
3. Confidentiality during applying audit procedures and methods should form part of code of conduct and behavioural norms for auditing team.
4. Special care should be taken while reassessing materiality during the progress of audit, least effect should be visible on your nature , timing and extent of audit. This may help the client to judge the materiality thresholds.
Add Answer to:
What measures should auditors take to prevent clients from
discovering their materiality thresholds?
Review Garcia and Foster’s calculations of materiality thresholds for the 20X2 Audit . Determine if the...
Review Garcia and Foster’s calculations of materiality
thresholds for the 20X2 Audit . Determine if the auditors correctly
applied the materiality concept in their risk assessment
procedures. Describe any problems you find and provide suggestions
for improvement. This question relates to step 2 of the Garcia and
Foster Audit Plan.
Step 2: Requires the audit team to obtain and document its
understanding of the client’s environment including internal
controls. This understanding allows auditors to identify
significant risks in the audit...
I can take the following measures in an effort to prevent Celiac disease and cystic fibrosis...
I can take the following measures in an effort to prevent Celiac disease and cystic fibrosis from happening in my life, and also
The primary reason that auditors request attorney letters from clients is to provide auditors a substantiation of manag...
The primary reason that auditors request attorney letters from clients is to provide auditors a substantiation of management provided information on litigation, claims, and assessments a description of the claims, litigation, and assessments that existed at the date of the financials the probable outcomes of claims and pending or threatened litigation the attorney's opinions on recent similar litigation based on the client's historical experiences
What measures should IT companies take to protect their customer's privacy?
What measures should IT companies take to protect their customer's privacy?
What is considered material by you may not be material from your fellow auditors’ perspective. You...
What is considered material by you may not be material from your fellow auditors’ perspective. You will explore how to determine what materiality levels are so that your audit team is in agreement. Throughout an audit, for all purposes, the material amount is defined as $500,000. Do you think that one materiality amount can be set for an entire company? If so, is $500,000 too high or too low? If you disagree, what would be your suggestion for determining materiality?...
What proactive measures do companies have to prevent inappropriate emails from being sent?
What proactive measures do companies have to prevent inappropriate emails from being sent?
A. Explain five preventive measures women can take to prevent sexually transmitted infections. B. Explain five...
A. Explain five preventive measures women can take to prevent sexually transmitted infections. B. Explain five warning signs of insulin-dependent diabetes. C. List and explain five environmental or lifestyle factors that contribute to cancer.
A) Auditors often must request information from the client while completing various audit tasks. What are...
A) Auditors often must request information from the client while completing various audit tasks. What are some of the issues that the auditors may encounter when requesting evidence from clients and how should they deal with those issues? B) What is the difference between inherent risk and control risk? Why is it important that auditors not assume that a certain level of control risk exists when assessing inherent risk? C) What were some of the risk factors that may impact...
Identify clients with Kussmaul respirations, what action take take?
Identify clients with Kussmaul respirations, what action take take?
Identify clients with Kussmaul respirations, what action take take?
Identify clients with Kussmaul respirations, what action take take?
Review Garcia and Foster’s calculations of materiality
thresholds for the 20X2 Audit . Determine if the auditors correctly
applied the materiality concept in their risk assessment
procedures. Describe any problems you find and provide suggestions
for improvement. This question relates to step 2 of the Garcia and
Foster Audit Plan.
Step 2: Requires the audit team to obtain and document its
understanding of the client’s environment including internal
controls. This understanding allows auditors to identify
significant risks in the audit...
The primary reason that auditors request attorney letters from clients is to provide auditors a substantiation of management provided information on litigation, claims, and assessments a description of the claims, litigation, and assessments that existed at the date of the financials the probable outcomes of claims and pending or threatened litigation the attorney's opinions on recent similar litigation based on the client's historical experiences
Most questions answered within 3 hours.
-
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 4 minutes ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 5 minutes ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 2 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 2 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 2 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 3 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 4 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 3 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 3 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 4 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 4 hours ago -
Organizational change can produce anxiety in those affected by
the change. In what ways can change...
asked 4 hours ago