1. Audit Program For Aerospace Industry
... estimates are reasonable in the circumstances, and that the accounting estimates are in accordance with applicable accounting principles. Once beginning the actual audit, the auditor should review the terms of a sample of contracts currently in process in order to acquire a general understanding of a contractor's operations. Next, n order to determine the amount of testing needed, the auditor must first obtain ... the inherent and control risk, the higher detection risk the auditor can accept. The auditor should now assess control risk to determine the nature, timing, and extent of subs...
- Word Count: 1880
- Approx Pages: 8
- Grade Level: Graduate