Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations? Group of answer choices brainstorming risks of fraud increased professional skepticism discussions with management use of unpredictable audit tests all of the above

Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations? Group of answer choices brainstorming risks of fraud increased professional skepticism discussions with management use of unpredictable audit tests all of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Statement on Auditing Standards No. 99 (AU 316) includes which of these recommendations?

Group of answer choices

brainstorming risks of fraud

increased professional skepticism

discussions with management

use of unpredictable audit tests

all of the above

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The difference between assessing control risk for IT control activities versus assessing control risk for manual control activities is best described as follows: Multiple Choice О in a manual environment it is important for the auditor to gain an understanding of the internal control activity before assessing control risk. О in an IT environment, it is not important to gain an understanding of the internal control activity before assessing control risk. О In an IT environment, it is likely that control risk will be assessed as low on largely all audit engagements. О the assessment process that needs to be undertaken for IT controls is essentially the same as would be taken for manual controls.