Week 5 discusison and participation questions Essay

hebdomad 5 discusison and participation questions - Essay ExampleThe cycles differ in methodology, time requirements, documentation requisites, man hours needed, and complexity.The accounts collectible account is very important because most acquisition and payment transactions go through that account. receivable to the fact that the accounts payable account is usually material attenders often have to use extensive uninflected procedures and tests of details of balances. Accounts payables rear be defined as unpaid obligations for goods and services. The methodology to perform an audit of accounts payables is illustrated in the following stepsIt is amazing how accurate and reliable independent audits of financial statements are. There are tens of thousands of audits performed one-year on public companies and auditors accurately determine when any material misstatement or fraudulent activity occurs. ii analytical procedures that can be used to compare data and information from th e financial statements is vertical and swimming analysis. The use of statistical models can help auditors determine the audit risk very accurately. Material misstatements can be identified accurately by the auditors when they have the full honest co carrying into action of the accounting and managerial staff.Your estimation of the importance of test controls is very accurate. If an auditor determines that the managerial staff established good internal controls the auditor has a better audit trail to follow. Substantive test are critical for auditors to determine whether a company is subject to audit risks. If a company has internal weaknesses within the accounting department of the essence(p) tests can detect these types of accounting anomalies. It is true that auditors often assumed that if the internal controls of the company are significant the risk of fraudulent behavior is lower.The ability of auditors to identify risks and ways to fix those risks to improve the efficiency of an operation is a value added proposition of auditing work. Substantive