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ZAIDIYAH M 21 Establishing the tolerable error rate (TER) requires Time left 1:08:15 ut of...

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Accounting

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ZAIDIYAH M 21 Establishing the tolerable error rate (TER) requires Time left 1:08:15 ut of O a random number tables. O b. statistical frequency probability tables. OC. a computer program. Od professional judgment. 22 At every audit engagement the auditor is required to consider that there could be significant risks of misstatement for revenue recognition. At ABC Ltd, the auditor has concluded that, yes, there are material risks of misstatement associated with revenue recognition How does this affect the extent of testing for accounts receivable? ut of O a. Increased substantive testing is required. O b. Decreased control testing is required. OC Audit risk will be increased. Od. Inherent risks will be decreased. bu IS Time left 1:08:02 Which of the following circumstances would indicate that positive confirmations should be used on this engagement? . a. The internal control over accounts receivable is good. O b. The recipients are mostly businesses rather than individuals, OC A significant portion of the total accounts receivable balance is represented by a small number of accounts with large balances. Od. The auditor is unaware of disputed or inaccurate accounts

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