Further audit procedures include: Risk assessment procedures Tests of controls A. B. فن فة Yes Yes Yes No C. No Yes D. No No
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- Describe the methodology fordesigning tests of details ofbalances using the audit riskmodel.The auditing assesses the reliability and sufficiency of the information through _____________ a. Comparison b. Testing c. Evaluation d. JudgementQ: Applied with audit risk model for planning Identify and explain SIX audit risks that exist in the audit of Hope-well Limited?
- Explain what is included in the risk assessment section of the audit file and the purpose of each item included please maintain plagairismThe temporal order of an audit engagement mirrors the audit risk model. Question 39 options: True FalseActivities carried out by the auditor using comparisons and relationships of accounts or data to assess whether the said accounts or data make sense (appear reasonable) are ...a. analytical proceduresb. comparing the accountsc. vertical analysisd. relationship model
- EXPLAIN AND WHAT KIND OF RISK ASSESSMENTS FACING BY AUDITOER OR AUDITING?Direction: summarize each step of the risk-based audit process. Testing of ControlsPerforming substantive proceduresOverall review of the financial statementsIssuing audit reportThe audit risk model consists of: AR = IR x R x DR. The detection risk is the dependent variable. What is the acceptable level ofdetection risk if the assessed level of inherent risk is HIGH and the control risk is MEDIUM? a. Higher b. Lower c. Lowest d. Medium
- 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.2002/sTAudit risk modela. what it isb. where and when it is used by the auditor c. how it affects the work of the auditorδ. What are the components of the model and what do they mean?The audit risk model consists of: AR = IR x CR x DR. The detection risk is the dependent variable. What is the acceptable level of detection risk if the assessed level of inherent risk is HIGH and the control risk is MEDIUM? Group of answer choices a.Lower b.Medium c.Lowest d.Higher
