Explain the procedural
steps in which accountants or auditors would follow to identify where material
misstatement of receivables and associated gross income has occurred and Explain.
The three steps which an auditor should follow in such a situation are:
the type of material misstatement(s) that may occur, such as evaluating
whether a risk is a financial statement level risk or an assertion level risk.
the magnitude of the material misstatement
the likelihood of material misstatement to determine whether the probability of misstatement
is very probable or the probability of misstatement is remote.
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