Indicate Whether You Agree or Disagree with the Following Statements

question 32

Essay

Indicate whether you agree or disagree with the following statements and explain your reasoning.
a) Mona Harmon has just completed a risk assessment and has identified key risk factors at Bonavista Emergis. When asked by one of her staff members "What's next?", she replies: "Now that we have identified the risks, its time to perform some planning in order to obtain sufficient appropriate audit evidence."
b) Teresa Dziuba was assigned to the Heathcliff Energy audit. She was ensuring that when recognizing revenues, all transactions and events that should have been recorded have been recorded. She was testing the occurrence assertion.
c) Steve Slopak, the group partner was reviewing the work of Manny Fernandez on the Lake Shore Gold account. Manny asked Steve for an explanation on how audit risk would affect his work. Steve answered: "Audit risk affects the quantity and quality of evidence gathering."
d) Frank Tutino, CA made the following true statement: "The appropriateness of audit evidence refers to its relevance and reliability." He then added:
"Reliable information is logically connected to an assertion"
"Relevant information reflects the true state of the information"

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Definitions:

High Price

The condition of an item or service being sold at a rate significantly above average or expected market value.

Simultaneous Move Game

A scenario in game theory where all players make their decisions or moves at the same time, without knowledge of the other players' actions.

Bargain Hard

The process of negotiating with determination and strategic prowess to achieve favorable terms or prices in a deal or transaction.

Accommodate

To make a suitable adjustment or provide space and facilities for something or someone.