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ivolga24 [154]
3 years ago
8

In a financial statement audit performed following AICPA Professional Standards, how frequently must an auditor test operating e

ffectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year?
A. Monthly.
B. Each audit.
C. At least every second audit.
D. At least every third audit.
Business
1 answer:
Anni [7]3 years ago
3 0

Answer: D. At least every third audit

Explanation: According to the AICPA Professional Standards of auditing. Testing the operating effectiveness of controls that appear to function as they have in past years and on which the auditor wishes to rely upon in the current year must be carried out at least every 3rd Audit.

This is done if the auditor plans to use audit evidence from a prior audit about the operating

effectiveness of specific controls. The auditor shall establish the continuing relevance of that

evidence by obtaining audit evidence about whether changes in those controls have

occurred subsequent to the previous audit.

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The process of making decisions about goals and activities that an organization will pursue in the future is referred to as.
Anarel [89]

The process whereby a organization makes decisions about what they will do in the future is known as planning.

<h3>What is planning?</h3>

Planning simply means the process of thinking in order to achieve a desirable goal.

Planning is the process of making decisions about goals and activities that an organization will pursue in the future.

Organizations make plans in order to increase sales, revenue, etc.

Learn more about planning on:

brainly.com/question/25453419

6 0
2 years ago
Negative Impact of crime on a business​
iragen [17]

Answer:

● The facts of crimes in business. With the sluggish economy the entire numbers of criminal activities have increased dramatically...

● Loss of revenue. Once the business is been compromised by such crimes, it would not be easy anymore to run the business because the funds are already affected.

● Damaged Reputation...

● Reduced production...

● Protect your business...

Explanation:

7 0
3 years ago
On December 31, 20X5, Day Co. leased a new machine from Parr with the following pertinent information: Lease term 6 years Annual
ki77a [65]

Answer: $230,500

Explanation:

Based on the information given, to solve the question, we will use the interest rate of 12%. Since the present value factors have already been given, the lease liability to be recorded will then be:

= 50,000 × PV at 12%

= 50000 × 4.61

= $230,500

Therefore, At the beginning of the lease term, Day should record a lease liability of $230,500.

6 0
3 years ago
Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year and that real GDP per capita
Pie

<u>Given:</u>

Real GDP of US = 32000

Growth rate of US = 2%

Real GDP of China = 4000

Growth rate of China = 7%

<u>To find:</u>

Number of years taken for China's real GDP per capita to be larger than real GDP per capita in the United States.

<u>Solution:</u>

The formula to calculate the years is,

GDP_{US}\times[1+growth_{US}]^n

On plugging-in the values,

\Rightarrow32000\times(1+0.02)^n

On solving the values we get,

\Rightarrow8

Therefore, we can clearly identify that number of years is greater than 40 and less than 45.

8 0
3 years ago
Organizing is the second basic managerial function; it follows planning and decision making. involves shaping the organization o
Norma-Jean [14]

Answer:

e. All of these choices

Explanation:

As we know that

The functions of management comprises of five functions i.e planning, organizing, staffing, directing and controlling

The planning is the way to plan the things so that the company could attain its goals and objectives within the prescribed time

The organizing is the second managerial function which helps to organizing the things of the company. It involves the way of doing the task and utilizing the resources efficiently and effectively so that the task could be completed at low cost and time

In addition, there should be a flexibility in a organization so that if an opportunity can comes then it would grab easily, it also consist of planning & decision making

8 0
3 years ago
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