ans How does assurance mapping differ from traditional auditplanning?a) Comprehensive risk coverage guides verification strategiesb) Random checks provide better resultsc) Standard plans work everywhered) Coverage gaps don't matter

Explanation of Assurance Mapping:Assurance mapping is a methodical approach to aligning risk with…

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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

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 18CYBK

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Similar questions

New technologies are used. This is an example of: * O Audit risk O Control risk Inherent risk Detection Risk
Explain the definition of the audit expectation gap? Then, discuss some approaches to reducing the expectation gap.
Which of the following is driving the need for assurance maps?a. Risk managers.Incorrect. b. Board members. c. Internal auditors. d. Compliance practitioners.
Explain what is meant by the audit expectation gap.
Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account Receivable confirmations d. Inspection of Documents e. Inquiry of Internal Auditors
How does attestation depth affect verification planning? a) Evidence complexity determines required testing levels b) Surface checks suffice always c) Depth creates confusion d) Standard tests work everywhere
what is your answer? for this accounting question
This term is synonymous with acceptable audit risk. O Audit assurance O Tolerable misstatement O Detection risk O Materiality
Which of the following is a correct? Select one: a. Planned detection risk and inherent risk have an inverse relationship. b. All of the above are correct relationships. c. Acceptable audit risk and planned detection risk have an inverse relationship. d. Control risk and planned detection risk have a direct relationship.
Assuming a lack of internal control in a client's system, the risk of material misstatement is known as? O Inherent risk Client risk O Detection risk O Audit risk
Why is the audit team more concerned with controlling the exposure to the risk of overreliancethan with the risk of underreliance?a. Only the risk of overreliance results in an incorrect audit decision.b. The risk of underreliance is not related to the audit team’s study and evaluation of internalcontrol.c. The risk of overreliance can ultimately result in the audit team’s failing to reduce auditrisk to acceptable levels.d. The risk of underreliance can be controlled by performing tests of controls during theinterim period.
3.Residual risks are not: Group of answer choices Unaddressed risks Unmanaged risks Mitigated risks None of the choices Net risks 4. Recommendations should be included in final audit communications to: Group of answer choices Ensure that problems are resolved in the manner suggested by the auditor Provide management with options for addressing audit observations Minimize the amount of time required to correct audit observations Guarantee that audit observations are addressed, regardless of cost

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How does assurance mapping differ from traditional audit planning? a) Comprehensive risk coverage guides verification strategies b) Random checks provide better results c) Standard plans work everywhere d) Coverage gaps don't matter