Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem #3 auditors have assessed inherent risk

Problem #3 Auditors have assessed inherent risk for a particular assertion at 70%...

90.2K

Verified Solution

Question

Accounting

Problem #3

Auditors have assessed inherent risk for a particular assertion at 70% and control risk at 15%. In addition, they have performed audit procedures that they believe have a 15% risk of failing to detect a material misstatement in the assertion. Calculate the audit risk.

Audit Risk =

THE ANSWER MUST BE A PERCENTAGE WITH 2 DECIMAL PLACES EXAMPLE = 21.56%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A house has well-insulated walls. It contains a volume of 90 m3 of air at 295...

Physics
Q

Make a table or list of the major similarities & differences between the Moon & Mercury,...

Physics
Q

Consider a Si NPN BJT. Discuss how an change in one of the design parameters affect...

Electrical Engineering
Q

Which of the following is not considered to be a component of the endocrine system?pituitary...

Biology
Q

Does the relation represent y as a function of x?2x=5y+3/(9y- 4)No because there are values...

Basic Math
Q

Simplify the expression to a bi form 11 2i 9 8i

Algebra
Q

i cannot figure out what i am foong wrong in part B

Accounting
Q

How do I do these calculations. I am unsure if you use beginning wip for...

Accounting
Q

etermine the taxpayer's current-year (1) economic income and (2) gross income for tax purposes from...

Accounting
Q

Question 3: We are tasked to analyze Netflix Inc. and Forward Industries Inc. ...

Accounting
Q

Salalah Methanol company management is considering three competing investment Projects Option1: Starting a unit...

Finance
Q

How is a net present value profile used to compare projects?

Finance