This topic contains a solution. Click here to go to the answer

Author Question: When determining tolerable exception rate (TER), (Read 28 times)

sh03641

  • Full Member
  • ***
  • Posts: 144

Question 1

When choosing the appropriate acceptable risk of overreliance, the auditor needs to
◦ rely on his/her professional judgment.
◦ err on the side of conservatism.
◦ consult the professional standards.
◦ follow SEC guidelines.

Question 2

When determining tolerable exception rate (TER),
◦ the auditor considers the degree of reliance to be placed on the control and the significance of the control to the audit.
◦ if only one internal control is used to support a low control risk assessment for an objective, TER will be higher for the attribute than if multiple controls are used to support a low control risk assessment for the same objective.
◦ control deviations increase both the risk of material misstatements in the accounting record, and will always result in misstatements.
◦ a smaller sample size is needed for a low TER than for a high TER.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by sh03641 on Aug 21, 2022

nikspatel037

  • Full Member
  • ***
  • Posts: 173
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly




sh03641

  • Member
  • Posts: 144
Reply 2 on: Aug 21, 2022
Gracias!


abro1885

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Wow, this really help

 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

For a complete list of videos, visit our video library