audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.

Discuss the types of internal controls and explain how each is important to the auditing process. Explain and give examples of the four main categories of COSO framework regarding management objectives. Please provide refences if there is any.

What are the objectives of audit risk assessment, and why is it important in assessing the likelihood that fraud may occur? Explain why risk assessment performed during audit planning sets the tone for the entire audit engagement.

Recall the definition of inherent risk. Why is it important for internal auditors to focus on inherent risk during the planning phase of an assurance engagement?

Outline the sources of audit evidence the auditor can use as part of risk                      assessment procedures.

Discuss and give examples of the various tools to document control risk assessment – such as narratives, flowcharts and checklists.  Discuss the term audit programs – what are they and why are audit programs important to the audit process? Please provide references if there is any.

Discuss the auditor's risk assessment procedures for assessing control risk, and provide specific procedures related to understanding management's risk assessment component of internal control.

Explain how analytical procedures are useful in: (1) The risk assessment stage of the audit. (2) The substantive procedures stage of the audit. (3) Near the end of the audit.

TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Los8 Pension Expense Net Pension Cash Beginning balance 450 60 55 (Liability) or Asset (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance (32) 40 (562) 3 (1) 54 89

Which of the following audit techniques would most likely provide an auditor with the least assurance about the effectiveness of the operation of a control? Multiple Choice A.Walkthrough. B.Observation of entity personnel. C. Reperformance of the control by the auditor. D.Inquiry of entity personnel.