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The temporal order of an audit engagement mirrors the audit risk model.
Question 39 options:
True | |
False |
Step by step
Solved in 2 steps
- Auditing Question 3 A. Discuss the audit expectation gap. Your answer should include the following: the main causes of the expectation gap; its main components; and procedures that can be taken to reduce the expectation gap.Which of the following statements is correct regarding detection risk and the audit risk model? OA. The two components of detection risk are test of details risk and inherent risk. B. Detection risk is equal to risk of material misstatement divided by audit risk. OC. There is an inverse relationship between the risk of material misstatement and detection risk. OD. There is a direct relationship between control risk and detection risk.QUESTION 2 The risk of the auditor "getting it wrong" or giving opinions that are not 100% accurate will always be present and this is referred to as audit risk. Audit risk is better understood when the components of the risks are understood. Identify and explain the three components of audit risk.
- 44 Which one of the following audit objectives is based on the completeness assertion? a. Disclosure b. Classification c. Cutoff d. Valuation Clear my choiceThe audit risk model is the foundation of audit practice. True Falsedetermine whether statement 1 and 2 are true or false 2. S1- Studying the relationship of financial information with another information, whether financial or non-financial, is an example of an analytical procedure. S2-To reduce audit risk to an acceptable low level, the auditor should determine overall responses assessed risks at the assertion level a. False, False b. True, False c. False, True d. True, True
- An auditor generally uses analytical procedures to obtain evidence regarding estimates. Question 29 options: True FalseFurther audit procedures include: Risk assessment procedures Tests of controls A. B. فن فة Yes Yes Yes No C. No Yes D. No NoAn audit can have significant effect on A. Financial risk B. Business risk C. Information risk D. Solvency risk