The auditor has to complete the audit in the specified period as per audit engagement. The procedures are made by the auditors for completing the audit in the specified period. If the misstatement arises and the procedures to be extended, then the procedures to be made for the further checking To discuss: Factors to be considered when substantive procedures are to be completed at an interim date and the procedures normally be completed in the remaining period.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 6.10RQ

To determine

Concept Introduction:

The auditor has to complete the audit in the specified period as per audit engagement. The procedures are made by the auditors for completing the audit in the specified period. If the misstatement arises and the procedures to be extended, then the procedures to be made for the further checking

To discuss: Factors to be considered when substantive procedures are to be completed at an interim date and the procedures normally be completed in the remaining period.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Congratulations! Your portfolio returned 16.7% last year, 2.5% better than the market return of 14.2%. Your portfolio had a standard deviation of earnings equal to 18%, and the risk-free rate is equal to 4.4%. Calculate Sharpe's measure for your portfolio. If the market's Sharpe's measure is 0.29, did you do better or worse than the market from a risk/return perspective? The Sharpe's measure of your portfolio is (Round to two decimal places.)

On January 1, 2020, Simon Love's portfolio of 15 common stocks had a market value of $258,000. At the end of May 2020, Simon sold one of the stocks, which had a beginning-of-year value of $26,900, for $31,400. He did not reinvest those or any other funds in the portfolio during the year. He received total dividends from stocks in his portfolio of $11,900 during the year. On December 31, 2020, Simon's portfolio had a market value of $246,000. Find the HPR on Simon's portfolio during the year ended December 31, 2020. (Measure the amount of withdrawn funds at their beginning-of-year value.) Simon's portfolio HPR during the year ended December 31, 2020, is %. (Round to two decimal places.)

Chee Chew's portfolio has a beta of 1.27 and earned a return of 13.6% during the year just ended. The risk-free rate is currently 4.6%. The return on the market portfolio during the year just ended was 10.5%. a. Calculate Jensen's measure (Jensen's alpha) for Chee's portfolio for the year just ended. b. Compare the performance of Chee's portfolio found in part a to that of Carri Uhl's portfolio, which has a Jensen's measure of -0.25. Which portfolio performed better? Explain. c. Use your findings in part a to discuss the performance of Chee's portfolio during the period just ended.