Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. assignment question(s):​​​â�

Assignment Question(s):​​​​​​(Marks 5) 1- What is Audit risk? 2- What is the role of an Audit committee? 3-...

90.2K

Verified Solution

Question

Accounting

Assignment Question(s):​​​​​​(Marks 5)
1- What is Audit risk?
2- What is the role of an Audit committee?
3- Write about Engagement letter and its importance? What isEngagement risk?
4- When an Auditor finds misstatements in entities financialstatements which may be the result of fraudulent act, what shouldbe the role of an auditor under that situation?

Answer & Explanation Solved by verified expert
3.6 Ratings (312 Votes)
1 What is Audit RiskAns Audit Risk is a risk that the financialstatementBalance sheet Profit and loss account etc arematerially incorrect even though report of auditor states that thefinancial statement are free from material statement The purposeof an audit is to reduce the audit risk to an appropriate low levelthrough sufficient testing and verification of evidence Below arethe two types of audit Riski Risk of material statementii Detection Risk2 Role of Audit committeeAnsThe primary objective of Audit committee isto oversight of the financial reporting processthe audit processthe company system of internal controls and compliance with lawsand regulations Broadly audit committee is    See Answer
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

2108AFE Financial Accounting Assessable Workshop Question Topic 9 – Statement of Cash Flows Question 1 Yellow Submarine Ltd’s Balance...

Accounting
Q

Aqueous sulfuric acid (H2SO4) reacts with solid sodium hydroxide (NaOH) to produce aqueous sodium sulfate (Na2SO4)...

Chemistry
Q

Moment of inertia of a uniform symmetric plate as shown in figure about x axis...

Physics
Q

Suppose weights of running shoes have an unknown distribution with mean 11 and standard deviation...

Statistics
Q

A commercial building contractor will commit her company to one of three projects depending on...

Algebra
Q

The Management of Carla Vista Manufacturing Company is evaluating two forklift systems to use in...

Accounting
Q

research companies who have potential (1) pollution problems, (2) environmental-disposal problems, or (3) demolition issues...

Accounting
Q

Problem 14-2 Determining expense and balance sheet amounts (journal entries) (LO 14-3, LO 14-4, LO...

Accounting
Q

1. What is the audit risk model? 2. Identify and explain the 3 basic components...

Accounting
Q

In 2022, ABC Inc decided to change its strategy from selling high-end furniture to selling...

Accounting
Q

A bond traded at 112 means that: The bonds were retired at $1,125 each. ...

Accounting
Q

7.- Gerardo decides to invest $1,000,000 pesos in a once in a lifetime opportunity which...

Finance