Further audit procedures include:Risk assessmentproceduresTests ofcontrolsA.B.فن فةYesYesYesNoC.NoYesD.NoNo

The objective of the question is to determine whether risk assessment procedures and tests of…

Answered: Further audit procedures include: Risk…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

1
Determine whether statement 1 and 2 are true or false 5. S1 -Objectives are the overall plans for the entity, while strategies are the operational approaches by which managements intends to achieve its objectives S2- Not all controls are relevant to the auditor’s risk assessment a. False, False b. True, False c. False, True d. True, True
Godo
The risk of material misstatement is O inherent risk * detection risk. O audit risk * inherent risk. O inherent risk * control risk. O control risk * detection risk.
The sample size of the test of controls varies directly with: Expected Population Deviation Rate Tolerable Rate Risk of Assessing Control Risk Too Low A. Yes Yes No B. No No Yes C. Yes No No D. No Yes Yes E. Yes Yes Yes A B C D E
Which of the following is correct? a. Auditors should evaluate application controls before evaluating general controls b. Auditors should evaluate application controls and general controls simultaneously. c. Auditors should evaluate general controls before evaluating application controls. d. None of these statements is correct. Required: choose the correct answer and Justify your answers in at least 6 sentences.
Numbers, 4,5,6,7,8,9,10 determining risks
14. Which of the following tasks that the auditor may perform in relation to Risk Management without any reservation? Group of answer choices Facilitating identification and evaluation of risks Setting the risk appetite Giving assurance on the risk management process and provide recommendation Taking accountability for risk management
If tests of controls induce the auditor to change the assessed level of control risk for Property, Plant, and Equipment from moderate to high, and audit risk and inherent risk remain constant, the acceptable level of detection risk
In a non public audit (AICPA), auditors might chose to not test controls if Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Design of control is weak/deficient, Controls Risk is High, or High cost of testing I/C b Design of control is strong/effective, Control Risk is low or low cost of testing
key factor auditors deciding on the inherent risk

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Further audit procedures include: Risk assessment procedures Tests of controls A. B. فن فة Yes Yes Yes No C. No Yes D. No No