Risk assessment procedures include

Q: Which of the following statements is correct concerning the understanding of internal control needed…

A: As per relevant standard related to internal control auditor must understand the control environment…

Q: Determine which of the following is most correct statement regarding the reliability of audit…

A: Auditing refers to the process of physically inspecting all the financial records of an entity or an…

Q: Internal Control Audit Standards. Auditors are required to obtain a sufficient understanding of each…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Substantive analytical procedures are performed by auditor: To identify and assess detection risk To…

A: Auditor is the person who is responsible for performing audit work. Audit means checking and…

Q: Explain what types of audit opinions auditors can issue and what are the possible reasons for…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The documentation of the audit strategy is a record of the planned nature, timing and extent of risk…

A: The answer for the True or false question and relevant explanation are presented hereunder : What is…

Q: A conceptually logical approach to the​ auditor's evaluation of internal control consists of the…

A: Please see Step 2 for required information.

Q: Which of the following statements best describes auditors’ responsibility for detecting a client’s…

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Q: Discuss how important is the risk assessment stage in audit engagements? Explain what audit…

A: The risk assessment stage is very important in an audit, as it gives the auditor an idea on the risk…

Q: Determine the assessed levels of detection risk and inherent risk

A: Audit is defined as an investigation of some statements of figure involving examination of certain…

Q: Auditors have two strategies to choose from, the lower-assessed control risk strategy and the…

A: Incorrect (c)Auditors can always choose to use the predominantly substantive strategy regardless of…

Q: The risk that material errors will not be detected is directly controllable by the auditor through…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: EXPLAIN.Which of the following is not done by an auditor when obtaining an understanding of an…

A: Internal controls are the mechanisms and standards that businesses use to protect their sensitive…

Q: Inherent risk and control risk differ from detection risk in which of the following ways? A.…

A: Inherent risk is the risk of misstatement of financial statements due to factors other than flaws in…

Q: Which of the following statements is incorrect regarding the reliability of audit evidence? a.…

A: The audit is an independent examination of financial information of an entity whether…

Q: The risk that the auditors’ own testing procedures will lead to the decision that…

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Q: List two major characteristics that are useful in predicting the likelihood of fraudulent financial…

A: Audit: An audit is defined as: the independent examination of and expression of opinion on the…

Q: Why do you think that inherent and control risk is responsible for the audited company(client) and…

A: Audit means checking, verifying and examining all the financial records and information to ensure…

Q: If an auditor does not intend to rely on internal controls in the audit, does the auditor need to…

A: Audit is the process of checking and verifying the authenticity of the financial statements of the…

Q: Speculate on which type of risk creates the most uncertainty for the auditor and recommend at least…

A: An audit occurs when a professional analyses or inspects multiple books of accounts, followed by a…

Q: Which of the following describes the circumstances that exist when an auditor assesses control risk…

A: Solution Concept Control risk means the risk that the internal controls that are required to prevent…

Q: Explain the circumstances when an auditor needs to assess the components of the audit risk model…

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Q: If the auditor plans to assess control risk at less than the maximum and rely on controls, and the…

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Q: s it necessary for an auditor to understand the client's internal control if the auditor does not…

A: Answer: Concept: Audit is independent check of any entity to derive the conclusion which are true…

Q: Outline the sources of audit evidence the auditor can use as part of risk…

A: In an audit, the auditor should gather sufficient and appropriate audit evidence in order to…

Q: Which of the following aspects of an audit examination is not related to the performance principle?…

A: The audit is a process wherein the books of accounts are examined and checked so as to check their…

Q: Which of the following presumption is correct about the reliability of audit evidence

A: Reliability of audit evidence :-  Evidence from sources outside an entity is more reliable than…

Q: Which of the following is least likely to be considered an appropriate response relating to risks…

A: assessing risks at financial statements level - - evaluation of period-end financial statements…

Q: Auditing standards require that the engagement team members engage in discussion about the…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Audit procedures are the processes, techniques, and methods that auditors perform to obtain audit…

A: Audit procedures are the processes, techniques and methods that auditors perform to obtain audit…

Q: Which of the following best describes the relationship between auditing and…

A: Auditing: Auditing is the process by which assertions made by management about financial…

Q: In assessing control risk, an auditor selects from a variety of techniques, including A. Inquiry and…

A: Introduction: Auditing means a systematic examination of books to verify the authenticity and…

Q: What do auditors consider when determining the extent to which the internal auditors’ work will…

A: Risk of Material Misstatement: Material misstatement risk is the possibility that an organization's…

Q: The audit program is a list of procedures used to gather sufficient and appropriate audit evidence.…

A: Audit program:-   It is detailed plan of auditing work. It specify list of procedures used to gather…

Q: he auditor shall plan the audit so that in can be performed effectively. The auditor shall study…

A: solution: The auditor shall plan the audit so that in can be performed effectively. True Explanation…

Q: The audit risk model includes the four risks listed below. Match the type of risk with the related…

A: Audit risk is the risk that financial statements are material misstatement and audit opinion states…

Q: An auditor assesses control risk because it: A. is relevant to the auditor's understanding of the…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: As an auditor of ABC Co, apply auditing principles and standards examine the expectation gaps in the…

A: Expectation gap in Auditing means if the company and its management has some expectation in the…

Q: Incorporating elements of unpredictability in the selection of audit procedures to be performed by…

A: Audit Procedures: The particular and specific procedures undertaken by auditors to procure evidence…

Q: The audit plan is more detailed than the overall audit strategy in that it includes the nature,…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: The auditor should consider audit risk when planning and performing an audit of financial…

A: Auditing is a safeguard measure adopted by every organization to ensure the correctness in the data…

Q: Which of the following would generally not be used ? Select one : O a. Re -perform client procedures

A: Internal control procedures means control procedures that are used for safeguarding of assets of the…

Q: Auditors are required to obtain a sufficient understanding of each component of a client’s internal…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: When testing a control activity’s operating effectiveness, procedures the auditor performs totest…

A: The answer is provided as follows: