Act5 DETERMING COST THRESHOLDS FOR AUDIT.docx - Running head DETERMING COST THRESHOLDS FOR AUDIT DETERMINING COST THRESHOLDS FOR AUDIT Student’s Name

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Running head: DETERMING COST THRESHOLDS FOR AUDIT 1 DETERMINING COST THRESHOLDS FOR AUDIT Student’s Name Institutional Affiliation Date
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DETERMING COST THRESHOLDS FOR AUDIT 2 To achieve realistic assurance regarding any financial statement is free of quantifiable misrepresentation or misstatement an assessor should execute an audit process to identify any inaccuracy in the financial statement. An auditor is also prone to errors hence they should carefully plan and execute audit processes to clear any recorded doubts or mistakes. An auditor requires both qualitative and quantitative factors when considering an audit process. The primary objective of the accountant is to apply the model of materiality properly in designing and performing audit. An audit, therefore, is the official verification of a financial statement until it's cleared of any misstatement and inaccuracy by an auditor. The main reason why inspections are conducted within any organization is to ensure that all records prepared are accurately presented in the transaction taken over a period of one year (AICPA, 2017). The audit process can be undertaken either internally by employees or externally with the help of an outside organization.
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  • Spring '08
  • DONNELLAN

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