Business risk must be assessed in performing an audit.a) Define business risk in association with an audit and describe several sources of such risk.b) How does business risk relate to the performance of preliminary analytical procedures in an audit?c) There are four major areas in planning an audit engagement and there are sub-parts to each of the four major areas. Please identify the four major areas and the sub-parts that are associated with the major areas.

Business Risk associated with Audit: A business risk is an occurrence, incident, or condition that…

Answered: Business risk must be assessed in…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 24CYBK

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Business risk must be assessed in performing an audit.

a) Define business risk in association with an audit and describe several sources of such risk.
b) How does business risk relate to the performance of preliminary analytical procedures in an audit?
c) There are four major areas in planning an audit engagement and there are sub-parts to each of the four major areas. Please identify the four major areas and the sub-parts that are associated with the major areas.

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