How does assurance mapping differ from traditional audit planning? a) Comprehensive risk coverage guides verification strategies b) Random checks provide better results c) Standard plans work everywhere d) Coverage gaps don't matter

Explain what is meant by the audit expectation gap.

Explain why auditing is important in lowering the risk associated with information.

Examining the implications of expectation gaps in the context on audit and assurance on going concern

Whare are the advantages of external goverment audits?

This term is synonymous with acceptable audit risk. O Audit assurance O Tolerable misstatement O Detection risk O Materiality

Which of the following is a correct? Select one: a. Planned detection risk and inherent risk have an inverse relationship. b. All of the above are correct relationships. c. Acceptable audit risk and planned detection risk have an inverse relationship. d. Control risk and planned detection risk have a direct relationship.

Why is the audit team more concerned with controlling the exposure to the risk of overreliancethan with the risk of underreliance?a. Only the risk of overreliance results in an incorrect audit decision.b. The risk of underreliance is not related to the audit team’s study and evaluation of internalcontrol.c. The risk of overreliance can ultimately result in the audit team’s failing to reduce auditrisk to acceptable levels.d. The risk of underreliance can be controlled by performing tests of controls during theinterim period.

3.Residual risks are not: Group of answer choices Unaddressed risks Unmanaged risks Mitigated risks None of the choices Net risks   4. Recommendations should be included in final audit communications to: Group of answer choices Ensure that problems are resolved in the manner suggested by the auditor Provide management with options for addressing audit observations Minimize the amount of time required to correct audit observations Guarantee that audit observations are addressed, regardless of cost

When is the timing of substantive procedures most flexible? detection risk is assessed as low O there is a lack of an effective control environment O controls have been tested and are determined to be ineffective O controls have been tested and are determined to be effective