Identify the parts which involve the evaluation of risk.

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Answer 1

Question

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

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Answer 2

Question

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

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Answer 4

Question

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

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Answer 5

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

Answer 6

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

Answer 7

Chapter 9, Problem 1RQ

To determine

Identify the parts which involve the evaluation of risk.

Answer 8

Expert Solution & Answer

Explanation of Solution

Identify the parts which involve the evaluation of risk as follows:

Eight parts of the planning phase of an audit are,

1. Accept client and perform initial planning,
2. Understand the client’s business and industry,
3. Perform preliminary analytical procedures,
4. Set preliminary judgment of materiality and performance materiality,
5. Identify significant risks due to fraud or error,
6. Assess inherent risk,
7. Understand internal control and assess control risk, and
8. Finalize overall audit strategy and audit plan.

The evaluation of risk is an explicit component of 5th (significant risk) 6th (inherent risk) and 7th (control risk) parts.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. 1RQ Ch. 9 - Prob. 2RQ Ch. 9 - Provide two examples of factors that might...Ch. 9 - Prob. 4RQ Ch. 9 - Prob. 5RQ Ch. 9 - Prob. 6RQ Ch. 9 - Prob. 7RQ Ch. 9 - Prob. 8RQ Ch. 9 - Prob. 9RQ Ch. 9 - Prob. 10RQ

Identify the parts which involve the evaluation of risk.

Identify the parts which involve the evaluation of risk.

Explanation of Solution

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Chapter 9 Solutions