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nikdorinn [45]
3 years ago
5

Financial statement auditors provide some degree of assurance that financial statements are free of material misstatement. Many

investors believe this degree of assurance should be higher in cases of intentional misstatement such as fraud than for unintentional misstatement, such as honest mistakes in management’s accounting. Many auditors would point out that fraud is much harder to detect than honest errors because management tries to conceal fraud, but not honest mistakes. According to auditing standards, what degree of assurance do financial-statement auditors provide that there are no material misstatements due to intentional misstatements (e.g., fraud) versus unintentional misstatements (e.g., honest computational mistakes)?
Business
1 answer:
sineoko [7]3 years ago
3 0

Answer:

First of all, an auditor must be skeptical about the information that he/she is gathering and analyzing. They should try to get as much audit evidence as they can in order to form an opinion. But an auditor can also reasonably assure that there are no material misstatements, either intentional or not intentional.

Most auditor procedures are intended to discover unintentional misstatements, but intentional misstatements are very hard to discover because more than one individual (or even a very large group) might have colluded in order to conceal them. The auditor gets his information from the controller, internal auditor, and other people within the organization, but what if they all colluded in order to conceal their bad actions.

E.g. an auditor should check for shipping receipts to be complete, accurate and in order, but he/she relies on information given by the same people that he/she is evaluating. The auditor can conclude that the shipping reports are complete, but he/she cannot state that they are true and valid because he/she wasn't there.

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Difference between monopoly and perfectly competitive market structure ​
zmey [24]

Answer:

see below

Explanation:

1. In a monopoly, one firm dominates a large market. Only one seller is serving a large number of buyers. In a perfectly competitive market structure, many sellers are competing to sell to many buyers.

2. A monopoly has no competition for its products. There are no close substitutes, which leaves customers with no other option but to buy from the monopoly. In perfect competition, sellers sell identical products. There is stiff competition for the product being sold.

3. In a monopoly, there are strong barriers to entry and exit from the market. In a perfectly competitive market, restrictions on entry or exit are absent.

4. The price for a monopoly is always set above the average cost, while in perfect competition, the price set is equal to the marginal cost.

5. A monopoly has full control over its price and can offer different prices to different groups of customers. In a perfects competition, the firms cannot practice price discrimination because they have no control over prices.

5 0
3 years ago
The ratio that measures how much an investor is willing to pay for a dollar of earnings is known as a _____________ ratio.
zzz [600]

Answer:

A)Market value

Explanation:

The market value ratios can be regarded as the financial metrics that are engaged in evaluation of worth of stocks of the companies that trade publicly. The ratio helps the investors to know if the price of prevailing market share is in sync along with the performance of the company. It should be noted that The ratio that measures how much an investor is willing to pay for a dollar of earnings is known as a market value ratio.

4 0
2 years ago
Which of the following is not an economic system?
WITCHER [35]

Answer:

the answer is C

Explanation:

this is what I found listing:

-Pure Market Economy.

-Pure Command Economy.

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7 0
3 years ago
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Manufactured truck parts are part of which industry
qwelly [4]

Answer:

c

Explanation:

4 0
2 years ago
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A year of unusually good rainfall has made it cheaper to irrigate farmlands. However, a popular new diet has persuaded some cons
Ira Lisetskai [31]

Answer:

1)Price has decreased and the effect on quantity cannot be determined

Explanation:

As of good rainfall there is a rise in supply of canola that means the shifting o feh supply curve could be right  also the demanded for the vegetable oil would decline that means the demand is falling so the demand curve would shift to the left

Therefore, the equilibrium would fall but it is unable to figure out whether the quantity would rise or not without considering the elasticities of the demand and the supply curve

Hence, the correct option is 1

3 0
3 years ago
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