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珀斯<标题> Assume an auditor finds total errors of $25 300 in a sample of sales invoices. Why is it not appropriate to conclude that sales are misstated by $25 300? How would you determine the estimate of misstatement in sales?

The auditor must consider whether an error is likely to be unique, and thus not likely to be repeated throughout the population being tested. The auditor would also consider whether the population was stratified before sampling. If neither of these circumstances applies, the auditor would project the error to the population of sales invoices.
If the sample error is $25,300, it would not be appropriate to conclude that sales are misstated by the same amount because this error was discovered in a sample of sales invoices. In this case, we are not told the total of sales invoices in the sample or the total of sales invoices in the population, so an estimate of the projected error cannot be made. However, to make the estimate the auditor would consider the size of the error in relation to the sample size (sample error / sample size), and then the sample error rate in relation to the population size (by multiplying sample error/sample size by the population size).
PROFESSIONAL APPLICATION QUESTIONS

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(a) What is Emma’s objective in testing of controls over accounts receivable?
    (b) List some procedures Emma could use to achieve her objective.
<标题> (c) Assuming Emma achieves her objective, discuss the implications for the nature, timing and extent of substantive testing of accounts receivable.

Emma will be testing the controls over accounts receivable to support her preliminary assessment that the control risk is low. Evidence of low control risk allows Emma to reduce the reliance on substantive testing for accounts receivable. She will be seeking evidence that the controls over transactions and balances in the accounts receivable area are effective and consistent. Effective controls mean the entity has a low risk of violating the assertions: occurrence, completeness, accuracy, cut-off, classification, existence, rights and obligations, and valuation and allocation.
Emma could use these common procedures to test the controls:
Inspection of documents for evidence of authorisation (e.g. of prices, extending credit to new customers, sales returns)
Inspection of documents for evidence that details included have been checked by appropriate client personnel (e.g. that variations to prices have been authorised by the sales director etc)
Observation of client personnel performing various tasks (e.g. opening mail, reconciling receipts with customer statements)
Enquiry of client personnel about how they perform their tasks (e.g. following up on outstanding accounts, making adjustments to client accounts)
Re-performing control procedures to test their effectiveness (e.g. bank reconciliations, customer statement reconciliations)
If Emma is successful in obtaining evidence that controls are effective and consistent, she will reduce the reliance on substantive testing. This means that she can use less effective substantive techniques (e.g. rely more on observation and enquiry and less on inspection of documents), vary the timing (e.g. conduct more interim testing and less balance date testing), and reduce the extent of testing (e.g. inspect fewer documents).

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