Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 7, Problem 27MCQ
To determine

Introduction: Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditors, i.e., internal auditors and external auditors, that carry out the auditing process.

To choose: The correct option.

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An auditor assesses control risk because it: A. is relevant to the auditor's understanding of the control environment B. provides assurance that the auditor's materiality levels are appropriate. C. indicates to xthe auditor where inherent risk may be the greatest. D. affects the level of detection risk that the auditor may accept.
When assessing the risk associated with an activity, an internal auditor should:   Provide assurance on the management of the risk.   Update the risk management process based on risk exposures. Determine how the risk should best be managed.
Recall the definition of inherent risk. Why is it important for internal auditors to focus on inherent risk during the planning phase of an assurance engagement?
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