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.
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Answer:
Over-exploitation of forests has serious environmental effects such as deforestation, destruction of ecosystems and animal habitats, accelerated soil erosion among others. Air pollution occurs from burning of the energy sources.Explanation:
The Europeans never had experienced farming in this new world, and the crops were all new to them. If you remember the Pilgrims, they had just came from Europe, and just barely survived a harsh winter, and they were desperate for food. The natives helped them grows these new crops in the new land more efficiently and effectively. Once they got used to the conditions and got settled in the new world, however, they started planting their own crops from Europe.
