HRS - Ask. Learn. Share Knowledge. Logo

In Business / High School | 2025-07-08

Question 2 Which of the following is an appropriate response to identifying a new RMM during planning procedures in an integrated audit? A) Change the materiality threshold over all audit areas B) Consider implications to both the financial statement and ICFR audit opinions C) Communicate the change in audit scope to the audit committee D) Only perform substantive procedures in response to the RMM

Asked by nestorjose60041

Answer (1)

The subject of this question revolves around audit procedures in a business context, specifically focusing on identifying and responding to a new Risk of Material Misstatement (RMM) during planning procedures in an integrated audit. Integrated audits involve both the audit of financial statements and the assessment of Internal Control over Financial Reporting (ICFR).
To effectively respond to a new RMM during the planning phase of an integrated audit, we should consider the following option:
B) Consider implications to both the financial statement and ICFR audit opinions ;

Answered by EmmaGraceJohnson | 2025-07-21

Related Questions in Business

[Done] When the yield to maturity of a bond goes up, the price typically: A. is determined by market factors B. goes down C. does not change D. goes up

[Done] A type of life insurance policy that requires premiums only for a specified number of years or to a specific age is called a: A. term life policy B. limited pay policy C. key man insurance policy D. split dollar policy

[Done] Which of the following correctly explains how the concept of demand affects the change in use of credit? Select the two correct answers. A. High interest rates yield low demand for credit. B. Low interest rates yield high demand for credit. C. High interest rates yield high demand for credit. D. Low interest rates yield low demand for credit. E. Both low and high interest rates yield low demand for credit because consumers see it as an indicator that the market is not in equilibrium. Demand is highest when rates are neither too high nor too low.

[Done] A company is researching mining at four different land areas using different types of equipment. The table below shows the costs of land, equipment, mining, and reclamation for the four locations: | Locations | Cost of land | Cost of equipment | Cost of mining and reclamation | Time taken to mine the area | | --------- | ------------ | ----------------- | -------------------------------- | --------------------------- | | 1 | $100,000 | $10,000 | $5,000 per day | 30 days | | 2 | $35,000 | $6,000 | $4,500 per day | 45 days | | 3 | $30,000 | $7,500 | $3,500 per day | 120 days | | 4 | $40,500 | $8,000 | $7,000 per day | 65 days | Considering all costs, which location will cost the least for the company to mine? A. Location 1 B. Location 2 C. Location 3 D. Location 4

[Done] Internal-operational communications are messages that A. are circulated both inside and outside a business B. get an organization's work done C. are sent between competing organizations within the same industry D. employees send to discuss strictly personal matters