In planning an audit of a new client, an auditor most likely would consider the methods used to process accounting information because such methods
A. Influence the design of internal controls.
B. Affect the auditor's overall materiality levels.
C. Assist in evaluating the planned audit assertions.
D. Determine the auditor's acceptable level of audit risk.
A. Influence the design of internal controls.
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Refer to the following trial balance
Debit Credit Cash $16,000 Accounts Receivable 42,000 Merchandise Inventory 62,000 Supplies 15,000 Land 330,000 Accounts Payable $2,000 Notes Payable 25,000 Common Stock 296,000 Retained Earnings 24,000 Dividends 6,000 Sales Revenue 480,000 Sales Returns and Allowances 9,000 Sales Discounts 8,000 Cost of Goods Sold 200,000 Salaries Expense 17,000 Utilities Expense 65,000 Rent Expense 53,000 Interest Expense 4,000 ________ Totals $827,000 $827,000 How much is the net sales revenue? A) $463,000 B) $479,000 C) $145,000 D) $141,000
Global Marketing, Inc, a U.S. firm, owns property in Honduras. The government in Hondurastakes Global Marketing'sproperty without paying for it. A U.S. court will proba¬bly not examine the validity of this act commit¬ted by Honduras within its own territory, under
a. the act of state doctrine. b. the doctrine of sovereign immunity. c. the principle of comity. d. the World Trade Organization .
Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley Wire Corporation is A) a nonprofit corporation
B) not a corporation. C) a benefit corporation. D) a private corporation.
When a source document provides authority for a business activity to occur, the source document is said to ______________________________ the activity.
Fill in the blank(s) with the appropriate word(s).