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jolli1 [7]
3 years ago
6

Which of the following is a true statement about an auditor’s responsibility regarding consideration of fraud in a financial sta

tement audit?
A. The auditor should consider the client’s internal control and plan and perform the audit to provide absolute assurance of detecting all material mis-statements.
B.The auditor should assess the risk that errors may cause the financial statements to contain any mis-statements and determine whether the necessary controls are prescribed and are being followed satisfactorily.
C.The auditor should consider the types of mis-statements that could occur and perform tests on 100% of the information subject to misstatement.
D.The auditor should assess the risks of material mis-statement due to fraud.
Business
1 answer:
Olegator [25]3 years ago
6 0

Answer:

D. The auditor should assess the risks of material mis-statement due to fraud.

Explanation:

At the time of auditor visit in a company the financial statement represent that the company has done the fraud in this scenario, the auditor should analyze the material misstatement risk that is done for fraud

Therefore in the given case, the option D is correct as the auditor responsibility is that he or she should analyze the risk with respect to the false statements presented in the financial statement

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Debbie promises to sell Brian a one of a kind baseball card for $1,000. Brian says that he does not have the money right now, bu
const2013 [10]

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d. Yes, the offeror must be a merchant, pursuant to the UCC definition of merchant.

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The problem is that Debbie is not probably a merchant. In order for her to be considered a merchant, she would need to be in the business of buying and selling baseball cards on a regular basis.

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3 years ago
Tentacle Television Antenna Company provided the following manufacturing costs for the month of June. Direct labor cost Direct m
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Answer:

C. $65,800

Explanation:

Fixed csot: those which do not change for a relevant range with the production output. They aer constant.

Factory insurance                  21,000        

Factory insurance                  13,000

Factory manager's salary     10,800

Janitor's salary                        5,000

Property taxes:                 <u>      16,000  </u>

    Total Fixed Cost:             65,800

The direct materials and direct labor are variable cost as they drop to zero if no unit is produced.

Same goes with packaging cost, if no unit is produced then, no packagin is needed.

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