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.
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.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter1: Auditing: Integral To The Economy
Section: Chapter Questions
Problem 48RSCQ
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Which of the following BEST (select one) describes why risk assessment can be viewed as the foundation of the audit function:
a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the
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.
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