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maw [93]
2 years ago
9

Acc 450 the auditors should confirm accounts receivable unless the auditors’ assessment of the risk of material misstatement is

low:________
Social Studies
1 answer:
fomenos2 years ago
6 0

Acc 450 the auditors should confirm accounts receivable unless the auditors’ assessment of the risk of material misstatement is low "and relying on confirmations would be futile if accounts receivable were relevant."

<h3>What is material misstatement?</h3>

A major misrepresentation is material in the financial information that is sufficiently false to have an effect on someone who relies on those statements in making financial decisions.

Some characteristics of material misstatement are-

  • For instance, a major misstatement of revenue may prompt a decision to purchase stock in a company, which could result in losses for the investor if indeed the misstatement is quickly corrected and the stock price drops.
  • When management fails to correct a substantial misstatement that is discovered by an auditor, the auditor should assess the impact of the error mostly on financial statements & determine whether to revise the audit opinion.
  • Shareholders in corporations that must comply with Securities and Exchange Act in 1934, newly amended, reporting obligations are exempt from this regulation.

To know more about the material misstatement, here

brainly.com/question/13450696

#SPJ4

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Read 2 more answers
Each project team member had a back-up that could fill in at a moment's notice should another team member fall by the way side.
Sunny_sXe [5.5K]

The correct answer would be, Cross-training program.

Each project team member had a back up that could fill in at a moment's notice should another team member fall by the way side. The project was able to mitigate risks in this fashion. Thanks to an aggressive Cross-training program.

Explanation:

A Cross Training Program is basically a program for employees in an organization in which employees are trained to perform tasks that are not in  their own job description.

These training are done to build the skill sets and to ensure the coverage of key job responsibilities.

This approach of cross training is very useful in minimizing the risk as this training equip employees to do tasks that are not their own job but due to such training, they are able to perform the other tasks in emergency situations and thus are highly useful in risk management.

For example if there is a task which is to be completed by an employee in the coming week and the employee falls sick, then because some other employee is trained to do the task, that task won't be suffered an will be done on time by the back up employee.

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brainly.com/question/11959276

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