Auditors are tasked with gathering a wide variety of information and then determining if it could impact the fair presentation of the financial statements in accordance with generally accepted accounting principles. To do this auditors use a framework of risk called the audit risk model. On the following tab you will be presented with a set of facts about Apollo, you must decide if it is related to the audit, if so which part of the audit risk model they fall under (inherent risk or control risk), how they affect the risk of material misstatement and what impact they have on detection risk. Apollo operates in the competitive athletic and outdoor footwear industry. Relevant to Apollo's Financial Statement Audit? Yes, No, or NA IR Factor/ Yes, No, or NA CR Factor/ Yes, No, or NA Why? Comments Impact on RMM/ Yes (increase), No - (decrease), NA No effect, Not enough info Impact on DR/ Yes (increase), No - (decrease), NA No effect, Not enough info
Auditors are tasked with gathering a wide variety of information and then determining if it could impact the fair presentation of the financial statements in accordance with generally accepted accounting principles. To do this auditors use a framework of risk called the audit risk model. On the following tab you will be presented with a set of facts about Apollo, you must decide if it is related to the audit, if so which part of the audit risk model they fall under (inherent risk or control risk), how they affect the risk of material misstatement and what impact they have on detection risk.
Apollo operates in the competitive athletic and outdoor footwear industry.
Relevant to Apollo's Financial Statement Audit? Yes, No, or NA
IR Factor/ Yes, No, or NA
CR Factor/ Yes, No, or NA
Why? Comments
Impact on RMM/ Yes (increase), No - (decrease), NA No effect, Not enough info
Impact on DR/ Yes (increase), No - (decrease), NA No effect, Not enough info
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