Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 7, Problem 25RQSC
To determine
Introduction:Nature means about the
To state:To furnish the examples when an auditor can change the nature of risk response; timing of risk response and the extent of risk response.
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What does an auditor's assessment of Detection Risk determine?
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Chapter 7 Solutions
Auditing: A Risk Based-Approach (MindTap Course List)
Ch. 7 - Prob. 1CYBKCh. 7 - Prob. 2CYBKCh. 7 - Prob. 3CYBKCh. 7 - Prob. 4CYBKCh. 7 - Prob. 5CYBKCh. 7 - Prob. 6CYBKCh. 7 - Prob. 7CYBKCh. 7 - Prob. 8CYBKCh. 7 - Prob. 9CYBKCh. 7 - Prob. 10CYBK
Ch. 7 - Prob. 11CYBKCh. 7 - Prob. 12CYBKCh. 7 - Prob. 1RQSCCh. 7 - Prob. 2RQSCCh. 7 - Prob. 3RQSCCh. 7 - Prob. 4RQSCCh. 7 - Prob. 7RQSCCh. 7 - Prob. 8RQSCCh. 7 - How does inherent risk relate to internal...Ch. 7 - Prob. 10RQSCCh. 7 - Prob. 11RQSCCh. 7 - Prob. 12RQSCCh. 7 - Prob. 13RQSCCh. 7 - Prob. 14RQSCCh. 7 - Prob. 15RQSCCh. 7 - Prob. 17RQSCCh. 7 - Prob. 18RQSCCh. 7 - Prob. 19RQSCCh. 7 - Prob. 22RQSCCh. 7 - Prob. 23RQSCCh. 7 - Prob. 24RQSCCh. 7 - Prob. 25RQSCCh. 7 - Prob. 26RQSCCh. 7 - Prob. 27RQSCCh. 7 - Prob. 29FF
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- What are the components of Audit Risk? Use the Audit risk equation and briefly explain the components of audit risk.arrow_forwardDefine 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.arrow_forwardWhich of the following risks does the auditor least control? a. inherent risk b. control risk c. detection risk d. all are equally controllablearrow_forward
- WHAT ARE THE SIGNIFICANT RISK YOU SHOULD CONSIDER UPON AUDITING CURRENT LIABILITIES AND HOW WOULD IT AFFECT OUR COMBINED RISK ASSESSMENT AND PLANNED AUDIT PROCEDURES?arrow_forwardexplain how concepts of audit risk and materiality are related. must an auditor make a decision on materiality in order to determine the appropriate level of audit riskarrow_forwardExplain the circumstances when an auditor needs to assess the components of the audit risk model and the effect of the assessment on the planned detection risk and planned audit evidence.arrow_forward
- How does control risk affect the nature, timing, and extent of further audit procedures?arrow_forwardThe auditor should consider audit risk when planning and performing an audit of financial statements. Audit risk should also be considered together in determining the nature, timing, and extent of auditing procedures and in evaluating the results of those procedures. Required: a. Define audit risk b. Describe the components of audit risk (e.g., inherent risk, control risk, and detection risk). c. Explain how these components are interrelatedarrow_forwardThe documentation of the audit strategy is a record of the planned nature, timing and extent of riskassessment procedures and further audit procedures at the assertion level in response to theassessed risks True or False?arrow_forward
- clarify the relationship between audit risk and materiality determining the right degree of audit risk necessitates an auditor making a determination on materiality.arrow_forwardThe combination of inherent risk and control risk constitutes : A. Occurence risk B. Audit risk C. Detection risk D. Combined riskarrow_forwardWhat are the components of audit risk and how do these relate to each other?arrow_forward
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