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[Show more]misstatement 
An error, either intentional or unintentional, that exists in a transaction or financial statement account balance. 
 
 
 
alternative procedures 
Procedures used to obtain evidence about the existence and valuation of accounts receivable when a positive confirmation is not returned, i...
Preview 4 out of 34 pages
Add to cartmisstatement 
An error, either intentional or unintentional, that exists in a transaction or financial statement account balance. 
 
 
 
alternative procedures 
Procedures used to obtain evidence about the existence and valuation of accounts receivable when a positive confirmation is not returned, i...
Which phrase or term regarding materiality is used by the Supreme Court of the United States, and is NOT found in FASB Concepts Statements No. 2? 
Significantly altered the total mix of information available. 
 
 
 
Which materiality does an auditor use when determining whether the financial stateme...
Preview 1 out of 2 pages
Add to cartWhich phrase or term regarding materiality is used by the Supreme Court of the United States, and is NOT found in FASB Concepts Statements No. 2? 
Significantly altered the total mix of information available. 
 
 
 
Which materiality does an auditor use when determining whether the financial stateme...
Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 
 
in light of surrounding circumstances 
 
significantly altered the total mix of information available 
 
magnitude of an omission or misstatement 
 
prob...
Preview 4 out of 58 pages
Add to cartWhich phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 
 
in light of surrounding circumstances 
 
significantly altered the total mix of information available 
 
magnitude of an omission or misstatement 
 
prob...
What is materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? 
 
a. Planning Materiality 
b. Overall Materiality 
c. Posting Materiality 
d. Performance Materiality 
d. Performance Materiality 
 
 
 ...
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Add to cartWhat is materiality level that an auditor uses for determining significant accounts, significant locations, and audit procedures for those accounts and locations? 
 
a. Planning Materiality 
b. Overall Materiality 
c. Posting Materiality 
d. Performance Materiality 
d. Performance Materiality 
 
 
 ...
Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 
 
in light of surrounding circumstances 
 
significantly altered the total mix of information available 
 
magnitude of an omission or misstatement 
 
prob...
Preview 4 out of 59 pages
Add to cartWhich phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statements No. 2 
 
in light of surrounding circumstances 
 
significantly altered the total mix of information available 
 
magnitude of an omission or misstatement 
 
prob...
Channel stuffing is a fraud in the revenue cycle that involves recording revenue after a customer has requested to purchase the inventory. 
False 
 
 
 
If the contract stipulates more than one deliverable, the client must allocate a separate price to each deliverable. 
True 
 
 
 
Under the FASB's...
Preview 3 out of 19 pages
Add to cartChannel stuffing is a fraud in the revenue cycle that involves recording revenue after a customer has requested to purchase the inventory. 
False 
 
 
 
If the contract stipulates more than one deliverable, the client must allocate a separate price to each deliverable. 
True 
 
 
 
Under the FASB's...
Which phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in the FASB Concepts Statements No. 2? 
- Probably that the judgment of a reasonable person 
- Significantly altered the total mix of information available 
- Magnitude of an omission or mis...
Preview 2 out of 12 pages
Add to cartWhich phrase or term regarding materiality is used by the Supreme Court of the United States and is not found in the FASB Concepts Statements No. 2? 
- Probably that the judgment of a reasonable person 
- Significantly altered the total mix of information available 
- Magnitude of an omission or mis...
Agreed-Upon Procedures 
-Agree with client on procedures 
- Report outcome/findings from procedures (no conclusion, just findings) 
-Report distribution is limited 
-No opinion, so NO INDEPENDENCE REQUIREMENTS (yay!) 
 
 
 
Types of Consulting Engagements 
Consultations -using existing personal know...
Preview 2 out of 15 pages
Add to cartAgreed-Upon Procedures 
-Agree with client on procedures 
- Report outcome/findings from procedures (no conclusion, just findings) 
-Report distribution is limited 
-No opinion, so NO INDEPENDENCE REQUIREMENTS (yay!) 
 
 
 
Types of Consulting Engagements 
Consultations -using existing personal know...
In order for an external auditor to complete an audit of a public company, the entity's management must comply with all of the following except 
 
a. accept responsbility for the effectiveness of the entity's internal control financial reporting 
b. evaluate the effectiveness of the entity's inte...
Preview 2 out of 15 pages
Add to cartIn order for an external auditor to complete an audit of a public company, the entity's management must comply with all of the following except 
 
a. accept responsbility for the effectiveness of the entity's internal control financial reporting 
b. evaluate the effectiveness of the entity's inte...
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