Explain the procedural steps in which accountants or auditors would follow

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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.

Nov 26th, 2014

The three steps which an auditor should follow in such a situation are:

1.  Evaluate 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.

2.  Evaluate the magnitude of the material misstatement

3.  Evaluate the likelihood of material misstatement to determine whether the probability of misstatement is very probable or the probability of misstatement is remote.


Nov 26th, 2014

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Nov 26th, 2014
...
Nov 26th, 2014
Jun 23rd, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer