During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach. The difference in the planned audit approaches for client A and B and the reasons for such difference.

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Answer 1

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Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

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Which of the following statements is correct regarding detection risk and the audit risk model? OA. The two components of detection risk are test of details risk and inherent risk. B. Detection risk is equal to risk of material misstatement divided by audit risk. OC. There is an inverse relationship between the risk of material misstatement and detection risk. OD. There is a direct relationship between control risk and detection risk.

The auditing assesses the reliability and sufficiency of the information through _____________ a. Comparison b. Testing c. Evaluation d. Judgement

1. Using the information given in the question identify THREE high risk areas for the audit and explain why they are high risk areas.

Answer 2

Question

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

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Answer 3

Question

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

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Answer 4

Question

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

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Answer 5

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

Answer 6

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

Answer 7

Chapter 9, Problem 18RQSC

To determine

Introduction: During planning stage of audit, the auditor performs risk management procedures to understand the business entity. With this understanding, the auditor determines the audit plan in their audit approach. The auditor performs the audit procedures based on the audit approach from combined to substantive approach.

The difference in the planned audit approaches for client A and B and the reasons for such difference.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 9 - In the revenue cycle, the most significant...Ch. 9 - Which of the following statements is true...Ch. 9 - Prob. 4CYBK Ch. 9 - Prob. 7CYBK Ch. 9 - Prob. 8CYBK Ch. 9 - Prob. 9CYBK Ch. 9 - Prob. 10CYBK Ch. 9 - Prob. 11CYBK Ch. 9 - Prob. 12CYBK Ch. 9 - Prob. 13CYBK

Solution Summary: The author explains that the auditor performs risk management procedures to understand the business entity and determines the audit plan based on the combined to substantive approach.

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