Question 13 (22 marks) Danny is planning the audit of the account receivables for ABC...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Question 13 (22 marks) Danny is planning the audit of the account receivables for ABC Company. Danny has assessed the following risks as low, medium, or high for the relevant balance related assertions in the account receivables. Audit Risk Detection Inherent Risk Control Risk Risk 0 Medium Medium Medium Medium Balance- Related Assertions Existence Rights and obligations Completeness Accuracy and Valuation Classification Medium Low Medium Low Low High Medium Medium (iv) Medium Low Low (V) Required: a. Define each of the FOUR identified risks in the columns of the table above. (8 marks) b. List out the answers (i) to (v) in the table above regarding detection risk for each balance-related assertions using the terms low, medium, or high. (10 marks) c. Which audit objective assertion) require the greatest amount of evidence and which require the least? (4 marks)
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!
