Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. possible answers situation 1 situation 2 week

Possible Answers Situation 1 Situation 2 Week 4: Homework i Saved...

80.2K

Verified Solution

Question

Accounting

Possible Answers

  • Situation 1
  • Situation 2

image

Week 4: Homework i Saved 5 For A through F place an X in the box (for Situation 1 or Situation 2) which is most accurate for each statement below; if for any question you believe that the situations are the same relating to that question place an X in each of the two boxes. In both situations assume inherent risk is at a high level. 9 points eBook Situation 1: While obtaining an understanding of internal control, you have determined that it appears to be very strong. You choose not to test controls in the area. Situation 2: While obtaining an understanding of internal control, you have determined that it appears to be adequate- not strong, not weak. You choose to test controls in the area-they reveal that the system functions as expected. Print References A. The planned assessed level of control risk is lower for this situation. B. The planned allowable detection risk is lower for this situation. c. More tests of controls will be performed for this situation. D. More substantive procedures will be performed for this situation. E. The assessed level of control risk will be lower for this situation. E. The risk of misstatement will be lower in this situation

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students