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1 year ago

Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to?

Business

1 answer:

alisha [4.7K]1 year ago

5 0

Answer:

Errors, fraud, and noncompliance with laws with a direct effect on financial statement amounts.

<h3>How does the auditor obtain reasonable assurance?</h3>

In order to obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion.
Reasonable assurance is obtained when the auditor has thereby reduced audit risk to an acceptably low level.

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Suggest one project that bricks construction could implement to address each key problem area listed in the scanario above

IgorC [24]

The projects that bricks construction can do are :
- Lack of housing >> They can provide more houses that available for their workers

- Unemployment >> They could teach some finance/entrepreneurial skills to the individuals nearby

- Poor Education and training >> They could build some sort of education center for specific job

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2 years ago

On september 1, knack company signed a $50,000, 90-day, 5% note payable with central savings bank. what is the journal entry tha

shepuryov [24]

<span>The Journal entry upon the 90 days (1/4 using 360 days a year) maturity at 5% rate should be $50,000 plus the Interest (I). Let Journal Entry upon Maturity be J Where J = Initial Signed Note + Initial Signed Note * Rate * Time Which is also written as J = Initial signed Note (1 + Rate * Time) Therefore J = 50,000 (1+5/100*1/4) = 50,625</span>

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3 years ago

"You are in the middle of a discussion with an institutional client over the phone, where you recommend that the client buy 100,

docker41 [41]

Answer:

The colleague has committed a violation because your customer's order could move the price of ABC stock

Explanation:

Front running is also called tailgating. It is a prohibited practice where a trader enters into a position security based on non-public information about a large trade that will influence the price of the security.

The trade is initiated to take advantage of the new price that the large trade will cause. The position is entered before the large trade occurs.

In this scenario your neighbour heard you telling your client to but 100,000 share of ABC. Because the transaction will influence the market he also tells his client to buy 10,000.

This is tailgating and it is a violation.

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3 years ago

Brief Exercise 12-05 Nabb & Fry Co. reports net income of $31,000. Interest allowances are Nabb $7,000 and Fry $5,000, salar

il63 [147K]

Answer:

The calculation is shown below:

Explanation:

The distribution of income is shown below:

Particulars Nate Frank Total

Interest Allowance $7,000 $5,000 $12,000

Salary Allowance $15,000 $10,000 $25,000

Total $22,000 $15,000 $37,000

Remainder (Equally) ($3,000) ($3,000) ($6,000)

Net Income $19,000 $12,000 $31,000

The remainder amount is come from

= $37,000 - $31,000

= $6,000

We simply added the interest allowance and the salary allowance and then deducted the remaining income so that the net income could come

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3 years ago

Which of the following statements is correct concerning product costs? A. Product costs are shown with current liabilities on t

Brut [27]

Answer: D. Product costs are expensed in the period the related product is sold

Explanation:

The statement that is true with regards to product cost is that product costs are expensed in the period the related product is sold.

It should be noted that the account for the cost of goods sold consist of product cost. In a situation whereby goods are not sold, the goods will be carried to the next period.

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3 years ago