Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets. Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk. To choose: The action of the auditor if the control risk is low.

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Answer 1

Question

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

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Answer 2

Question

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

Expert Solution & Answer

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Answer 3

Question

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

Expert Solution & Answer

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Answer 4

Question

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

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Answer 5

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

Answer 6

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

Answer 7

Chapter 14, Problem 14.20MCQ

To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 14 - Prob. 14.1RQ Ch. 14 - Prob. 14.2RQ Ch. 14 - Prob. 14.3RQ Ch. 14 - Prob. 14.4RQ Ch. 14 - Prob. 14.5RQ Ch. 14 - Prob. 14.6RQ Ch. 14 - Prob. 14.7RQ Ch. 14 - Prob. 14.8RQ Ch. 14 - Prob. 14.9RQ Ch. 14 - Prob. 14.10RQ

Solution Summary: The author explains that the company applies controls over assets for its safeguard and detection of assets frauds. Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings.

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Chapter 14 Solutions