Describe the substantive tests you would carry out on the receivables balance to reduce the audit risk to an acceptable level. Explain with examples.

Q: Explain how planning for operational auditing is similar to anddifferent from financial auditing

A: Planning is required in order to successfully implement a strategy. Planning for resources,…

Q: Suppose that you are an ammunition manufacturer and that your manufacturing process yields a true %…

A: We are allowed to solve one question only at a time. The answer is as below:

Q: You have identified a large number of risks during your risk identification process. What will be…

A: The business scanning is a major task for management as it requires them to continuously and…

Q: If an entity would ideally be geared towards value creation, what did they fail to recognized in the…

A: The integrated report's purpose is to give readers an understanding of the business capitals,…

Q: 6- A manufacturing company expects to purchase a new production-line equipment after 3 years. If the…

A: Amount to be set aside each year  = 500000 × (AF,4%,3)= 500000 × 0.290731  = 145365.50

Q: When we put together a contingency table, we need to think about the calculations and analyses that…

A: A contingency table is a representation of data in tables where one variable is entered in rows and…

Q: Which of the following level of operational risks relates to model errors and losses arising from…

A: Introduction Operational risk refers to the potential for losses resulting from inadequate or failed…

Q: Where various acceptable alternative methods or practices exist, it is important that only the…

A: There is a different between an industry and a firm. A firm is described as an organization that…

Q: The CEO of a small rural health center has been notified that they are the subject of a RAC audit.…

A: RAC stands for Recovery Audit Contractors. The purpose of a RAC is to audit medicare claims and…

Q: An important step in getting data ready for analysis is cleaning the data. List and briefly discuss…

A: One of the critical steps to making the data ready for analysis, we must clean the available data,…

Q: What will happen if the organization is confident that it can predict demand with 100% accuracy?

A: If an association is confident that it can anticipate demand with 100% precision, it will have the…

Q: Smith Company, a CPA firm, conducted an audit for the 2020 financial statements of Sara Corporation.…

A: The question has an auditing procedure in which the auditors make a comparison of current year…

Q: Which of the following is not a factor that is considered a part of the client's overall control…

A: In auditing, the control environment refers to the overall attitude and actions of the organization…

Q: What is the expected value with perfect information (EVWPI)?

A: The expected esteem(value)with wonderful(perfect) information is the measure of benefit predestined…

Q: Consider the following information: Economy Recession Normal Boom Probability of State of Economy…

A: The objective of this question is to calculate the expected return and standard deviation for two…

Q: Taking necessary actions to minimize risks is what type of internal control  a. control environment…

A: Internal control refers to a system established by an organization to safeguard its assets, ensure…

Q: In an IMS, an advantage is  Select one: a. External audits should be performed only. b. Internal…

A: The question is asking to identify one of the advantages of an Integrated Management System (IMS).

Q: Small Mean Problem.  Grandfather clocks have a particular market in auctions.   You are given a…

A: The objective of the question is to calculate the lower bound of the 95% confidence interval for the…

Q: In the e-government audit approach; the outcome assessment area deals with the performance of the…

A: An audit can be defined as the official inspection which is done on the company’s accounts and is…

Q: What are the benefits and drawbacks of implementing internal static analysis?

A: Understanding a codebase of any size is challenging, and programmers need and deserve every relevant…

Q: The Board of Directors of your company have recently attended a training program with the topic…

A: The goal of the management strategy known as total quality management (TQM) is to raise the standard…

Q: As part of their responsibilities, all managers get involved in planning, scheduling, and monitoring…

A: Management functions refer to the fundamental activities that managers perform in organizations to…

Q: 9. The primary focus of an operational audit is the fairness of the financial statements. Select…

A: Operational audit is the kind of audit service that the review is mainly focused on the key…

Q: Are there  instances where subjective performance evaluations might be better (or more feasible)…

A: Performance Evaluations A performance evaluation is used to assess a candidate's ability to succeed…

Q: (i) Operational controls are designed to prevent failures in operational procedures caused by:  i.…

A: Answer (i) - C. - i,ii and iv only Operational controls are designed to prevent failures in…

Q: The auditor assessment of information risk influences the nature, timing and extent of the audit…

A: The auditor must consider the rationale for the evaluation given to the risk of substantial…

Q: Which of the following is of particular significance to corporate governance? Multiple choice…

A: The structures, procedures, and practices that a corporation uses to be managed and direct are…

Q: Compliance with nondiscrimination rules can be achieved by way of two methods.  Which are the two…

A: Each year, plan sponsors must evaluate typical 401(k) plans to make sure that contributions made by…

Q: You are in your new job as the Chief Financial Officer for a hospital that is struggling with…

A: If a healthcare unit struggles to collect payments from the patients then it will face difficulties…

Q: An important group is interested in acquiring a company, for which reason they request an opinion…

A: EXPLANATION : Shareholders are owners in a company to reap benefits of the business’ success. A…

Q: 7 Net present value will be greater: Select one: a. for one end-of-year receipt of $1200 than…

A: Detailed explanationThe net present value (NPV) will be greater:b. for a 4% discount rate than for a…

Q: Which of the following is/are one of the four functions of the management process? O Prior O…

A: Management involves guiding individuals in the team to reach common goals. It needs using resources…

Q: cording to Alan Williams, planning, budgeting and monitorir echanisms involves evaluating the…

A: Planning: It refers to the process of thinking ahead of the actions and activities required to…

Q: What are the requirements when checking in ClII-Vand PSE products? Date received must be documented…

A: Ans. The CIII-V and PSE products can be defined as medical products or medical ingredients.

Q: A requirement for scientific work is that what we have done can be reproducible, which means that…

A: Risk Assessment:- Risk assessment to take a good look at your workplace to find those things,…

Q: Which statement below describes the internal control procedure of insuring assets and bonding key…

A: Here's a breakdown of each statement and why it's correct or incorrect:1. "Insuring assets against…

Q: nternal and external analyses are dynamic. As such, managers should regularly update these analyses…

A: Internal and external investigations are basic apparatuses utilized by managers to evaluate their…

Q: A perfectly cometitive firm is likely to have its elasticity value a). be in the inelastic range b).…

A: Elasticity is a concept in economics that estimates the degree of responsiveness of one economic…

Q: Asset and inventory management is the way an organization monitors the assets it owns. The…

A: Inventory management is described as the process and means of tracking and controlling the inventory…

Q: In the introductory chapter, you have to give the main goal of your study

A: I believe the given statement is false.

Q: s why auditors are responsible for reasonable but not absolute assurance.

A: The reasonable assurance highlights a likelihood of occurrence of material misstatements. The…

Introduction to Business Messages

Business messaging refers to a variety of channels via which businesses and customers can interact. SMS or text messaging is the most popular method of communication. Shipment reminders, promotional incentives, marketing offers, and scheduled appointments are all things we have dealt with. These are the types of messages we usually identify with business communication. Business messaging can take place on any digital platform where your consumers already spend some time, with the expectation that communication will be two-way. Business messaging brings comfort and simplicity to customers. Customers expect comfort from pre-sales and post-sales engagements with businesses as they do with friends and family. In addition, messaging is the favored method of contacting a firm for 66% of buyers. Here are a few examples of popular business messaging situations.