Distinguish between errors and irregularities. Which do you think concern the auditors the most?
Errors are unintentional mistakes; while irregularities are intentional misrepresentations to perpetrate a fraud or mislead the users of financial statements. Errors are a concern if they are numerous or sizable enough to cause the financial statements to be materially misstated. Processes which involve human actions will contain some amount of human error. Computer processes should only contain errors if the programs are erroneous, or if systems operating procedures are not being closely and competently followed. Errors are typically much easier to uncover than misrepresentations, thus auditors typically are more concerned whether they have uncovered any and all irregularities.
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A modification of the overhead allocation method which uses a single plantwide rate, is to use multiple predetermined overhead allocation rates that have different allocation bases
Indicate whether the statement is true or false
Singapore banned the import, manufacture, and sales of chewing gum in the country since wads of gum were making a mess on sidewalks, buses, and subway trains
Violators are subject to severe penalties, and before buying a pack consumers must register their names and addresses. This, according to author William Greider, demonstrates that Singapore's government: A) is harshly autocratic. B) administers a paranoid control over Singaporeans. C) administers a paranoid control over press and politics. D) runs an effective welfare state. E) all of the above