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ACCT 444 DeVry Week 6 Complete Work Latest
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ACCT 444 DeVry Week 6 Discussion 1
Audit Sampling (graded)
Please review Case 15-34 (Carbald Supply Company) in your textbook. In this case, we are performing our audit tests of the sales process, and in reviewing the required
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Please review Case 15-34 (Carbald Supply Company) in your textbook. In this case, we are performing our audit tests of the sales process, and in reviewing the required procedures, we determine that we will need to decide if the use of sampling is appropriate to accomplish our audit objectives. Considering what you have learned from your eBook reading, course lecture, and Becker material, choose one of the procedures listed in the case, and discuss whether audit sampling for exceptions would be conveniently used to test that procedure.
ACCT 444 DeVry Week 6 Discussion 2
Audit of Sales (graded)
Please review Case 16-34 (Small town Regional Hospital) in your textbook. In this case, we are auditing the sales and collection cycle of a nonprofit hospital. Just because it is a nonprofit organization, that does not eliminate the need for the auditors to assess risk. What are the major factors affecting client business risk and acceptable audit risk for this audit?
ACCT 444 DeVry Week 6 Homework Latest
Solve the following questions
Chapter 15: 15-25, 15-26
Chapter 16: 16-25, 16-30
Chapter 17: 17-31
Name your document, and include your first and last initials of your name. For example, if your name is Jane Smith, the file name will be ACCT444_W1_HW.
Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these step-by-step instructions.
See the Syllabus section "Due Dates for Assignments & Exams" for due date information.
ACCT 444 DeVry Week 6 Quiz Latest
Question 1. Question : (TCO 9) The exception rate the auditor will permit in the population and still be willing to reduce the assessed level of control risk is called the
tolerable exception rate.
estimated population exception rate.
acceptable risk of overreliance.
sample exception rate.
Question 2. Question : (TCO 9) A sample in which every possible combination of items in the population has an equal chance of constituting the sample is a
Question 3. Question : (TCO 9) To determine if a sample is truly representative, an auditor must
conduct multiple samples of the same population.
never use sampling because of the expense involved.
audit the entire population.
perform none of the above.
Question 4. Question : (TCO 9) Cutoff misstatements can occur for
sales returns and allowances.
any of the above.
Question 5. Question : (TCO 9) Auditing standards require auditors to confirm accounts receivable with some exceptions. Which of the following is not one of the exceptions allowed by auditing standards?
The accounts receivable balance is comprised of several very large customer balances.
Accounts receivable are immaterial.
Response rates are likely to be very low.
The combined level of inherent risk and control risk are low and other substantive evidence can be obtained.
Question 6. Question : (TCO 9) For most audits, inherent risk for accounts receivable is moderate or low except for which balance-related audit objectives?
Timing and realizable value
Completeness and existence
Existence and accuracy
Realizable value and cutoff
Question 7. Question : (TCO 9) An auditor should perform alternative procedures to substantiate the existence of accounts receivable when
no reply to a positive confirmation request is received.
no reply to a negative confirmation request is received.
collectibility of receivables is in doubt.
pledging of the receivables is probable.
Question 8. Question : (TCO 9) When auditors sample for tests of details of balances, the objective is to determine
whether the account balance being audited is fairly stated.
whether the transactions being audited are free of misstatements.
whether the controls being tested are operating effectively.
whether the transactions and account balances being audited are fairly stated.
Question 9. Question : (TCO 9) Sampling risk maybe controlled by
reducing down the sample size.
Using only random sampling.
Using the sample technique most appropriate for the population.
using audit software.
Question 10. Question : (TCO 9) The acceptable risk of incorrect acceptance is most related to
None of the abovete to accomplish our audit objectives. Considering what you have learned from your eBook reading, course lecture, and Becker material, choose one of the procedures listed in the case, and discuss whether audit sampling for exceptions would be conveniently used to test that procedure.
Question 8. Question : (TCO 9) When auditors sample for tests of details of