Required:   For each of the foregoing risk factors listed in the left-hand column of the Table above, write in the right-hand column (i) the risk component that is most directly related to the following three option:  Incentives/Pressures (I/P)  Opportunity (O) Attitude/Rationalisation (A/R)

Listed in the table below are some common audit procedures. For each procedure below: Identify whether it is a test of control (TOC), substantive test of transaction (STOT), analytical procedure (AP) or a test of details of balances (TODOB). Write your answer in the 2nd column of the table below.  State one audit objective that is being satisfied. Write your answer in the 3rd column of the table below.  Procedure (a) Type of Test (b) Audit Objective Example: Compare the quantity and description of items on duplicate sales invoices with related shipping documents. STOT Accuracy 1.Foot the list of accounts payable and trace the balance to the general ledger.           2. Account for the sequence of purchase orders             3. Select a sample of purchase transactions from purchase journal and trace them to vendors’ invoices and statements       4. Exam cash payments subsequent to the balance date to see if they are related to unrecorded…

d) Name the four types of tests auditors normally perform in an audit after risk assessment is done.

13. When the auditors obtain an understanding of internal control for the financing cycle documentation will frequently include a written description as well as a(n): Group of answer choices Decision table List of audit objectives Internal control questionnaire Summary of tests of controls