The auditor’s risk assessment procedures identified severalrisks that the auditor deems to be significant risks. Several internal controls exist thatare designed to mitigate the risks identified. Describe the auditor’s responsibilities forconsidering those controls in the current audit.

The auditor’s risk assessment procedures identified severalrisks that the auditor deems to be significant risks. Several internal controls exist thatare designed to mitigate the risks identified. Describe the auditor’s responsibilities forconsidering those controls in the current audit.

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

The auditor’s risk assessment procedures identified several
risks that the auditor deems to be significant risks. Several internal controls exist that
are designed to mitigate the risks identified. Describe the auditor’s responsibilities for
considering those controls in the current audit.

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