Question

In: Accounting

Review Risk Assessment procedures. Of those displayed in the book, which do you feel is most...

Review Risk Assessment procedures. Of those displayed in the book, which do you feel is most important? Why?

Solutions

Expert Solution

Risk assessment procedures:

Risk assessment procedures include verification of the accounting entries with supporting documents to ensure that the accounting entries have been correctly recorded in the books of accounts of an organization. The financial transactions must be authorised by the appropriate authority in an organization to ensure these are in accordance with the objectives of an organization. Verifying the internal controls within an organization to assess whether these have work effectively throughout the intended period of reliance in an organization.

Most important risk assessment procedure and the reason:

Out of the all the internal controls within an organization is the most important as if these are effective and have worked efficiently then the probability of mistakes occurring, both intended and unintended mistakes, is reduced significantly. Thus, the underlying information will be correct on the basis of which the financial statements shall be prepared and the financial statements shall also be prepared correctly to reflect the actual financial position of an organization as on a particular date.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Which of the following audit procedures most likely will involve sampling? A. Risk assessment procedures performed...
Which of the following audit procedures most likely will involve sampling? A. Risk assessment procedures performed to obtain an understanding of internal control. B. Tests of automated application controls when effective information technology general controls are present. C. Analyses of controls to determine the appropriate segregation of duties. D. Testing of process for approval of credit to customers for sales on account.
A. Which type of mutation do you feel would be most likely to be influenced by...
A. Which type of mutation do you feel would be most likely to be influenced by natural selection, those that result in changes of the third codon position, or those that result in changes of the first codon position? Explain your reasoning. B. In many animals inbreeding among close relatives reduces the ability of their offspring to survive. Explain why this occurs. Please correct answer. Thanks
A. Which type of mutation do you feel would be most likely to be influenced by...
A. Which type of mutation do you feel would be most likely to be influenced by natural selection, those that result in changes of the third codon position, or those that result in changes of the first codon position? Explain your reasoning. B. In many animals inbreeding among close relatives reduces the ability of their offspring to survive. Explain why this occurs.
A. Which type of mutation do you feel would be most likely to be influenced by...
A. Which type of mutation do you feel would be most likely to be influenced by natural selection, those that result in changes of the third codon position, or those that result in changes of the first codon position? Explain your reasoning.     B. In many animals inbreeding among close relatives reduces the ability of their offspring to survive. Explain why this occurs.
of the eight steps in implementing a new AIS, which do you feel is the most...
of the eight steps in implementing a new AIS, which do you feel is the most important and why?
This problem is based on the JA Tires data.. As part of risk assessment procedures, you...
This problem is based on the JA Tires data.. As part of risk assessment procedures, you have been asked to perform some preliminary data analytics on the sales file to assess whether individual transactions or classes of sales transactions represent increased inherent risk because they are large, unusual, or involve related parties. You can perform this analysis using Excel. Required: a.   Identify the five largest sales transactions. Indicate whether you believe these transactions should require an increase in inherent risk....
Which course concepts do you feel are the most relevant for the industry today? Which course...
Which course concepts do you feel are the most relevant for the industry today? Which course concepts intrigue you the most? Do these things influence your direction in HCA?
Discuss three strategies or practices identified in the book that you feel are most important in...
Discuss three strategies or practices identified in the book that you feel are most important in planning, composing, and revising professional documents. Which of these do you use? Which part of the process do you spend more time on: revising, editing, or proofreading? Why?
Describe the successes and failures of Reconstruction. Which do you feel were the most important and...
Describe the successes and failures of Reconstruction. Which do you feel were the most important and why?
of the financial ratios we have covered which do you feel is the most important in...
of the financial ratios we have covered which do you feel is the most important in assessing the financial health of a company? Why? I offer 2 suggestions: 1) be specific and 2) be sure you understand exactly what financial information a particular ratio conveys (and include that in your answer).
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT