Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Chapter 18, Problem 28RQ

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Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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In deciding upon the acceptable risk of incorrect acceptance for an account, an auditor considers each of the following except a. Audit risk. b.Tolerable error. c.The risk that internal controls fail to detect material misstatements that have occurred. d. The risk that analytical procedures and other tests fail to detect material errors that occur and that are not detected by internal control.

Explain how the auditor determines tolerable misstatement for MUS

When completing the audit of internal controls for an issuer, the severity of an internal control deficiency depends ona. Whether there is a reasonable possibility that the company’s controls will fail to prevent or detect a misstatement of an account balance or disclosure.b. Whether a misstatement has actually occurred as a result of the deficiency.c. The magnitude of the potential misstatement resulting from the deficiency or the deficiencies.d. Both a and c are correct.e. All of the above are correct.

Answer 2

Question

Chapter 18, Problem 28RQ

To determine

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Answer 3

Question

Chapter 18, Problem 28RQ

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Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Question

Chapter 18, Problem 28RQ

To determine

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Answer 5

Chapter 18, Problem 28RQ

To determine

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

Answer 6

Chapter 18, Problem 28RQ

To determine

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

Answer 7

Chapter 18, Problem 28RQ

To determine

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Answer 11

Ch. 18 - Prob. 1RQ Ch. 18 - Prob. 2RQ Ch. 18 - Prob. 3RQ Ch. 18 - Prob. 4RQ Ch. 18 - Prob. 5RQ Ch. 18 - Prob. 6RQ Ch. 18 - Prob. 7RQ Ch. 18 - Prob. 8RQ Ch. 18 - Prob. 9RQ Ch. 18 - Prob. 10RQ

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

Solution Summary: The author explains the requirement involved when auditors report on whether a previously reported material weakness continues to exist. Audit engagement should be accepted only after proper investigation about the client and its environment.

Explain the requirement involved when the auditors are engaged to report on whether a previously reported material weakness continues to exist.

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Chapter 18 Solutions