Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 9, Problem 2RQ
To determine

Explain the reason why the auditor should consider the risk of material misstatement at the overall financial statement level.

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Solve this financial accounting problem
Fennel Industries had 6,420 actual direct labor hours at an actual rate of $15.60 per hour. Original production had been budgeted for 950 units, but only 880 units were actually produced. Labor standards were 7.2 hours per completed unit at a standard rate of $16.10 per hour. What is the direct labor rate variance?
Please explain the solution to this general accounting problem with accurate principles.
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