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MGMT 544 (2)
doxtator (2)
Midterm

MGMT 544 Midterm: notes chap 8-9-11 and 14

22 Pages
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Department
Management
Course Code
MGMT 544
Professor
doxtator

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measure of h th ow tor is to ept that the Financ accu atutements may be materially m aubt is com p and Lan un mo dified opinion has been issued phases plann an Aud l. ept client and perform intial dut plannin Understand elents busines and 3. Pet Form preliminary ana. procedures Set Preliminary judge me ot malerialuty and mance mater al t 5. T y Ercent risks due to d or erro ess inherent lo. 1. Understand internal control and Gssess finalize overall awat strategy and pla Risk Malertal misstatement The risk, that the financ statements contain a materiel musst tema due to Grand or error prior to the aud. t Celent business k he risk that the en ty fals to achieve rts ob we s or executes ts stratas 2 mayor op eeting acceptable audM nsk vely statun ent User 2. the intended use the statement key to accumulere more evidence fo b. those wuth entensive Lindepines are to be s Comp nie S n the near futu Engage Nemt letter terns engage ment ment objectives lity t the Rua or and manageme Respons of the f report s -cngagements measure of h th ow tor is to ept that the Financ accu atutements may be materially m aubt is com p and Lan un mo dified opinion has been issued phases plann an Aud l. ept client and perform intial dut plannin Understand elents busines and 3. Pet Form preliminary ana. procedures Set Preliminary judge me ot malerialuty and mance mater al t 5. T y Ercent risks due to d or erro ess inherent lo. 1. Understand internal control and Gssess finalize overall awat strategy and pla Risk Malertal misstatement The risk, that the financ statements contain a materiel musst tema due to Grand or error prior to the aud. t Celent business k he risk that the en ty fals to achieve rts ob we s or executes ts stratas 2 mayor op eeting acceptable audM nsk vely statun ent User 2. the intended use the statement key to accumulere more evidence fo b. those wuth entensive Lindepines are to be s Comp nie S n the near futu Engage Nemt letter terns engage ment ment objectives lity t the Rua or and manageme Respons of the f report s -cngagementsCompan Aubut committee. our ngdients focul and operations undow standin, ot operet meet k Person sess sate over ass etated ts assets such as inventory n process an quipment Factany A etter able to ud rusks com factors f svch as unused e Disovssin non account personne U rn more about clue. owner o with wh Loh the clent deals where one ot the parties ean in fluence Pol management or op of the other Relat parties transact on between the client and purchase transactions between Sales of an arm lengths trans chan lents and stratoe Audi s shoula understand client obtetuves to l- Reliability Financ refort ng 2. Efectiveness on efficienu of Conplano. Maus and quations rlents Measurement an d per tocmance clients per ormone measuren system mence undueaters CKPL that mana eement uses progress mely be entive for a Same account ncrease s Ask of en an take ment misstatement strate understandin eleme et a dent ness l. Indvshm d et ternal environment sks essou with a specific indus Common Asks Business retur morts operation c rocedure. our cent Paul JD relied partie 3D msm Code ot ot ihe St measur mewa Tomo perfor hande Compan Aubut committee. our ngdients focul and operations undow standin, ot operet meet k Person sess sate over ass etated ts assets such as inventory n process an quipment Factany A etter able to ud rusks com factors f svch as unused e Disovssin non account personne U rn more about clue. owner o with wh Loh the clent deals where one ot the parties ean in fluence Pol management or op of the other Relat parties transact on between the client and purchase transactions between Sales of an arm lengths trans chan lents and stratoe Audi s shoula understand client obtetuves to l- Reliability Financ refort ng 2. Efectiveness on efficienu of Conplano. Maus and quations rlents Measurement an d per tocmance clients per ormone measuren system mence undueaters CKPL that mana eement uses progress mely be entive for a Same account ncrease s Ask of en an take ment misstatement strate understandin eleme et a dent ness l. Indvshm d et ternal environment sks essou with a specific indus Common Asks Business retur morts operation c rocedure. our cent Paul JD relied partie 3D msm Code ot ot ihe St measur mewa Tomo perfor handeCurrent Raho Accounts Receivable Turnover DG is to collect Ace R ble s to sell in Jemto obl athon Timer onteres ea t Gross pro Maten ne by Audit Standards de of mus statements Other missdatements, coulo reason chly ence the econom decisions ut users material pp Set materi dAem ent s as who 2.- Determine performance material 3. misstatements n See men combined -muler al his anve rather than an Bench mores are Needed for evaluatn s tory also atteut maler Laluhy on ine Performance maker alv also reffered to as allocation ot the ary ment About male rial why o segments RCA o D s tos reton to perform an e ha Rechrnanu mater alvy For an account than others Current Raho Accounts Receivable Turnover DG is to collect Ace R ble s to sell in Jemto obl athon Timer onteres ea t Gross pro Maten ne by Audit Standards de of mus statements Other missdatements, coulo reason chly ence the econom decisions ut users material pp Set materi dAem ent s as who 2.- Determine performance material 3. misstatements n See men combined -muler al his anve rather than an Bench mores are Needed for evaluatn s tory also atteut maler Laluhy on ine Performance maker alv also reffered to as allocation ot the ary ment About male rial why o segments RCA o D s tos reton to perform an e ha Rechrnanu mater alvy For an account than otherslumale misstate mind and compar Aua tors document a l mis ements found for each Audit se ment kwly miss tyhemow nown miss deten about estimates et Account Ralances 2.Rogect ons of misstatements based Dm the Aud tors tests ot a inherent measure the Aub tors assesment an assert on tu moterval t be daring the ettectiveness of internal controls. SCL. to an assertion ot lal mis state ment. Control Risk Rutk that the Inter l controls not prevent or Dotect material mis statemen Risk AA TR Planned Detection Accep here E Control Risk RLs planned Detect RIS measure of the k that Audut evidence for a Seoment ILfa to detect misstatements that could be material should such musststemets exist Acceptable Aubt Rus a measure ot how will has the audalon s accept the financial statemends complet and an unmodified u dut LS audit op in on has be ussued lumale misstate mind and compar Aua tors document a l mis ements found for each Audit se ment kwly miss tyhemow nown miss deten about estimates et Account Ralances 2.Rogect ons of misstatements based Dm the Aud tors tests ot a inherent measure the Aub tors assesment an assert on tu moterval t be daring the ettectiveness of internal controls. SCL. to an assertion ot lal mis state ment. Control Risk Rutk that the Inter l controls not prevent or Dotect material mis statemen Risk AA TR Planned Detection Accep here E Control Risk RLs planned Detect RIS measure of the k that Audut evidence for a Seoment ILfa to detect misstatements that could be material should such musststemets exist Acceptable Aubt Rus a measure ot how will has the audalon s accept the financial statemends complet and an unmodified u dut LS audit op in on has be ussued2. analytical cedure Observation and Inspection LI Duscuss on amongengaye ment -team members ther Proced fraud risk at both mad f statement level 2. Asser tum level for olas st transacti account balances rand presentation. and dis Because severol hish- pro cases Finan cal shtement m un revenue reco htion audit risks pres ome the trav d east revenue an ent LA co and assessed risk et material missh tement that n the aud utors uds pro risks due to fraud and er IS a care. element ok effecture avdt planning Non-routine tronsoctuun -3 Audit Risk model and Understand clients Business and try Understand my and erA. Business end indsutry environm usiness op error manogement an Governance materal mis to ements objectives measure mem an erto mane Audut Rusk model PDR AAR the risk that the tor will be Sues vs oden to business Failure after lhe us Fmshed 2. analytical cedure Observation and Inspection LI Duscuss on amongengaye ment -team members ther Proced fraud risk at both mad f statement level 2. Asser tum level for olas st transacti account balances rand presentation. and dis Because severol hish- pro cases Finan cal shtement m un revenue reco htion audit risks pres ome the trav d east revenue an ent LA co and assessed risk et material missh tement that n the aud utors uds pro risks due to fraud and er IS a care. element ok effecture avdt planning Non-routine tronsoctuun -3 Audit Risk model and Understand clients Business and try Understand my and erA. Business end indsutry environm usiness op error manogement an Governance materal mis to ements objectives measure mem an erto mane Audut Rusk model PDR AAR the risk that the tor will be Sues vs oden to business Failure after lhe us FmshedG-4 1, A Ro strne trons actiDns due to size or na Transactions that and occu nero suersHy a matters that require sl cart Judgement include the develo which cuount in cant measurement uncer aun fravo RIS when to udent Fles G pot ent sk of missd tement d the auditor to cons der fhet ris a sosn cant rusk Enaegsement Ava ask that aud tor or aubH arm suffer harm after the au ls Fin shed even theousne the Nasa Corre he tent bus ess, Rus It tomer is forced to bankruptey oss att complet von o the aud t goud ons face c, greet chone ben res Jared to The derree to which sternal on statements. Users Factors based on la client suze. 2. Distr t on ownership 3 NCA are ono amount ot lab ties the keushood that a client will s offer. have fun en d itt the au but based on these foctor operation S Competence ot mansgem ment eualuation t management Factors to co when assess in S nsvoer herent Rus ents b Nature US Result ot prev eat engagement H elatub part s Comple r non- cou Tu ment required to orrectl record account balonces and transacti nate up ot tle population 9. factor related to ulent ferare al reportin outer related to mts oppropri donot ass G-4 1, A Ro strne trons actiDns due to size or na Transactions that and occu nero suersHy a matters that require sl cart Judgement include the develo whic
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