Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 13, Problem 11RQ
To determine
Identify the different types of tests from most costly to least costly. The tests given are substantive analytical procedures, tests of details of balances, risk assessment procedures, test of controls, and substantive tests of transactions.
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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.
EXPLAIN AND WHAT KIND OF RISK ASSESSMENTS FACING BY AUDITOER OR AUDITING?
Define the audit risk model and explain each term in the model.Also describe which two factors of the model when combined reflect the risk of materialmisstatements.
Chapter 13 Solutions
Auditing And Assurance Services
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - Prob. 3RQCh. 13 - Prob. 4RQCh. 13 - Prob. 5RQCh. 13 - Prob. 6RQCh. 13 - Explain how the calculation and comparison to...Ch. 13 - Prob. 8RQCh. 13 - Prob. 9RQCh. 13 - For each of the eight types of evidence discussed...
Ch. 13 - Prob. 11RQCh. 13 - Prob. 12RQCh. 13 - Prob. 13RQCh. 13 - Prob. 14RQCh. 13 - Prob. 15RQCh. 13 - Prob. 16RQCh. 13 - Prob. 17RQCh. 13 - Prob. 18RQCh. 13 - Prob. 19RQCh. 13 - Prob. 20RQCh. 13 - Prob. 21.1MCQCh. 13 - Prob. 21.2MCQCh. 13 - A conceptually logical approach to the auditors...Ch. 13 - Prob. 22.1MCQCh. 13 - Prob. 22.2MCQCh. 13 - Prob. 22.3MCQCh. 13 - Prob. 23.1MCQCh. 13 - b. Substantive analytical procedures are most...Ch. 13 - Prob. 23.3MCQCh. 13 - Prob. 24DQPCh. 13 - Prob. 25DQPCh. 13 - Prob. 26DQPCh. 13 - Prob. 27DQPCh. 13 - Prob. 28DQPCh. 13 - Prob. 29DQPCh. 13 - Prob. 30DQPCh. 13 - Prob. 31DQPCh. 13 - Prob. 32DQPCh. 13 - Prob. 33DQPCh. 13 - Prob. 34DQPCh. 13 - Prob. 35DQP
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Similar questions
- What are the different types of analytical procedures? Describe how they may be utilized in an audit as substantial tests.arrow_forwardWhat are analytical procedures? Describe how they can be used assubstantive tests in an audit.arrow_forwardWhat is the audit risk model? Explain the elements of the modelarrow_forward
- In the context of auditing, what does "tracking" actually entail?arrow_forwardWhich of the following relationships between types of analytical procedures and sources of information are most logical?arrow_forwardAfter obtaining a sufficient understanding of internal control, the auditor: a. Determines the preliminary assessment of control risk b. Determine the assessed levels of detection risk and inherent risk c. Assess detection risk to determine the acceptable level of inherent risk d. Assess the need to apply GAASarrow_forward
- Explain audit risk and its components by providing TWO (2) examples for each component of the audit risk.arrow_forwardDiscuss the differences between a first-party, second-party, and third-party audit. Discuss the importance of data accuracy and integrity in a quality information system. What are the purposes of quality documentation systems? What would be the foremost characteristics of an acceptable sampling plan for critical defects?arrow_forwardAn audit procedure designed to evaluate the operating effectiveness of controls in preventing or detecting and correcting, material misstatements is known as: a. a test of controls b. a test of details c. a dual purpose test d. ratio analysisarrow_forward
- Explain and Analyze whether or not the auditor is able to rely on previous audits' assessments of automated application controls, given the effectiveness of general controls.arrow_forwardWhat are the possible obstacles or hindrance of operational audit?arrow_forwardWhat are the components of audit risk and how do these relate to each other?arrow_forward
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