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what is the difference between audit risk and engagement risk? Accounting Audit. a couple of paragraphs explain...

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Accounting

what is the difference between audit risk and engagement risk?Accounting Audit. a couple of paragraphs

explain the occurrence and completeness assertions? and how doesfailure to meet each of those two assertions affect the financialstatements? these are two of the eight management assertions.Accounting auditing

list the three objectives of internal control and the fivecomponents of internal control and a very brief description of thefive components.

What are the management assertion and its definitions?

Answer & Explanation Solved by verified expert
3.6 Ratings (665 Votes)
Answer1 what isthe difference between audit risk and engagement risk AccountingAudit A review chance is the hazard thatthe evaluator communicates an unseemly review supposition when thefiscal summary are physically misquoted while commitment chance isthe hazard that examiner is presented to monetary misfortune orharm to proficient case unfriendly attention or differentoccasions emerging regarding budget summaries inspected and gave anaccount ofIn basic terms review hazard isthe hazard that a reviewer will issue an inadequate conclusion onreally misquoted fiscal summaries while commitment chanceidentifies with the examiners introduction to budgetary misfortuneand harm to his or her expert notoriety 2 Explain the occurrenceand completeness assertions and how does failure to meet each ofthose two assertions affect the financial statements these are twoof the eight management assertions OccurrenceExchanges and occasion that havebeen recorded have happened and relate to the element CompletenessAll exchanges and occasions that ought to have been recordedhave been recorded In the event that advantages liabilities or value are notfinished adjusts might be downplayed or exaggerated3 List the threeobjectives of internal control and the five components of internalcontrol and a very brief description of the fivecomponentsDefinitionInternal Control can be characterized as a framework structuredpresented and kept up by the organizations administration and bestdimension administrators to give a considerable level ofaffirmation in accomplishing business objective while consentingto the approaches and laws protecting the advantages keeping upproficiency and    See Answer
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