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Question 44

1. Control deficiency: occurs when the design or operation of a control does not allow

management or employees, in the normal course of performing their assigned functions, to prevent

or detect misstatements on a timely basis

2. Significant deficiencies: this is a single weakness or combination of weaknesses in the internal

control associated with financial reporting, which is sufficient to merit investigation by the

management.

3. Materials weakness: this is a deficiency, or combination of deficiencies, in internal control, such

that there is a reasonable possibility that a material misstatement of the entity’s financial statements

will not be prevented or detected and corrected on a timely basis.

Question 42

Substantive strategies are used where the auditor has decided not to rely on the entity's controls

and instead use substantive procedures as the main source of evidence about the assertions in the

financial statements while reliance strategies are used when the auditor intends to rely on the

entity's controls. If a reliance strategy is followed, the auditor may need a more detailed

understanding of internal control to develop a preliminary assessment of control risk. An auditor

will choose to use substantive strategies when he has sufficient knowledge of the system of

internal control to understand the potential causes of misstatements.

Question 45

Monetary unit sampling uses attribute sampling THEORY to express a conclusion in dollar amounts

rather than as a rate of occurrence. When the results of monetary unit sampling is found to have zero

misstatements, the auditor will take the allowance for sampling risk equals zero. The auditor may also

choose to use a bigger sample size to test for misstatements again.

Question 43

1. Occurrence: checks to confirm that the transactions recorded or disclosed actually

happened and relate to the entity.

2. Completeness: checks to confirm that transactions that should have been recorded and

disclosed have not been omitted.

3. Accuracy: checks to ensure there are no errors while preparing documents or in posting

transactions to ledgers.

4. Cut-off: checks if transactions are recorded in the correct accounting period.

5. Classification: checks if transactions are recorded in the appropriate accounts

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Question 44 1. Control deficiency: occurs when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis 2. Significant deficiencies: this is a single weakness or comb ...
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MAR 3712 FNU Trends in Health Care in The United States Paper

Write a minimum 2 page (excluding the title and references page), research paper discussing the trends in Health care in t ...

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