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Jack and Jill,two Auditors Who Have Separate Accounting Practices,have Independently

question 50

Essay

Jack and Jill,two auditors who have separate accounting practices,have independently assessed the risks associated with the accounts receivable of their respective clients.The appropriate audit risk for both is determined to be.02.Both agree that inherent risk should be set at the maximum (1.0)and that no analytical procedures will be performed.Jack evaluates control risk as moderate (.40),while Jill assesses it as relatively low (.20).Using the audit risk model,answer the following questions.
Required:
A)What is the risk of incorrect acceptance (RIA)for Jack and for Jill?
B)Based on your answer in part (A),which auditor will have to collect the most evidence? Explain your reasoning.
C)What effect does differing assessments of control risk have on the sample size of accounts receivable? Explain.

Comprehend the motivations behind the conquests and colonization efforts in the New World.

Recognize the role of economic factors, such as joint-stock companies, in promoting overseas colonization.

Analyze the impact of colonization on native populations, including cultural changes and conflicts.

Identify significant events and figures in the early colonization of North America.

Definitions:

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Oxygen Demand

A measure of the amount of oxygen required to oxidize organic and inorganic materials in water, used as an indicator of water quality.

Iron Supplement

A dietary supplement taken to increase the amount of iron in the body, often recommended for treating or preventing iron-deficiency anemia.