What is a MIS report, why is it  prepared?

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: Explain how materiality affectsaudit reporting decisions.

A: American Institute of Certified Public Accountants (AICPA): AICPA is the organization which supports…

Q: Difference Between Traceability and Controllability?

A: Following is the answer to the given question

Q: What items could increase the risk of material misstatement?

A: Risk of material misstatement (ROMM) is a risk that the financial statements when audited will…

Q: Which concept states that accounting information should be complete, neutral, and free from material…

A:

Q: What does overstated mean?

A: Definition of Overstated:- Overstated uses two way terms by accountant: The entered or reported…

Q: When are analytical procedures required, and when are they optional?

A:

Q: Explain Deficiency Judgment?

A: To borrow funds, borrower might be required to mortgage its property to the lender. In case that…

Q: What approaches may be employed in applying the LCNRVprocedure? Which approach is normally used and…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: What must occur if a Significant Deficiency is identified?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: uncertainty?

A: Answer - Option D Relevance is where the information is useful and appropriate , predictive or…

Q: Describe direct and indirect mehods of reporting.

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: A principle that is concerned with information that should be significant enough to affect…

A: Accounting Principles: These are the methods, guidelines, and rules that shall be followed by the…

Q: How are errors corrected if they're not properly accounted for?

A: The errors can happen as all the things are human oriented. The error can happen as the process of…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: What is an attestation engagement?

A: Attestation Engagement: An association between the client and the certified public accountant where…

Q: What are two objectives that enable reports to be considered useful?

A: Report: It can be defined as the document that assists the users and the management in providing…

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: Distinguish between AIS and MIS.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Should standards be used to identify whom to blame for problems?

A: Standards are set to identify whether the actual activity is performed efficiently. The variances…

Q: What are the characteristics of a confirmation? Distinguish betweena confirmation and external…

A: Auditing: The process of critical examination and evaluation of the accounting information recorded…

Q: What is Projected Misstatement?

A:

Q: What are the types of situations that result in troubleddebt?

A: Troubled debts can result in two different situations, which are as…

Q: Does differential analysis require journal entries? Why or why not?

A: When choosing between multiple possible actions, differential analysis implies that we take into…

Q: According to our authors, what is a misstatement? Provide examples.

A: Misstatement: A remark that is not accurate or the provision of erroneous information is referred to…

Q: what is a validity check?

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Q: How does the source of evidence affect its reliability?

A:

Q: Explain how materiality differs for failure to follow GAAP and for lack of independence.

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: What is an uncorrected misstatement?

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: What is the difference in a data and findings?

A: Data is the combination of raw facts which is used for providing information and conclusions to the…

Q: What are some of the possible costs that could result from a revision of an accounting standard?

A: Financial Accounting Standards Board (FASB):   It is a private, non-profit organization which is a…

Q: Which of the following management assertions is not associated with classes of transactions and…

A: Rights and obligations represent that the company has the right to use the assets and obligation to…

Q: describe mechanisms that discipline fi nancial reporting quality and the potential limitationsof…

A: The mechanism that discipline financial reporting quality includes the free market and incentives…

Q: Which of the following is NOT a characteristic of effective information? a. relevance b. accuracy c.…

A: