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What are the risks of inadequate audit documentation?
The following audit procedures are included in the audit program because of heightened risks of material misstatements due to fraud. Use audit software to search purchase transactions to identify any with nonstandard vendor numbers or with vendor names reflecting related parties. Search sales databases for missing bill of lading numbers. Use audit software to search for journal entries posted to the sales revenue account from a nonstandard source (other than the daily sales journal). Use audit software to search cash...
The audit process includes Plan the audit to identify and assess risks of material misstatement for account balances, classes of transactions, and disclosure. Select one: True False Clear my choice
SIGNIFICANT RISKS In the overall audit strategy for the audit of Keystone Computers & Networks, Inc., Several significant risks were noted as a result of obtaining information about KCN and its environment, including: 1) KCN has engaged in a strategy to sell to customers with higher credit risk. 2) The officers of the company receive significant bonuses based on quarterly results. For each of the risks, identify the implications and potential responses.
Audit Risk Model. Audit risks for particular accounts and disclosures can be conceptualized in the model: Audit risk (AR) Inherent risk (IR) x Control risk (CR) x Detection risk (DR). Use this model as a framework for considering the following situations and deciding whether the auditor's conclusion is appropriate. a. Paul, CPA, has participated in the audit of Tordik Cheese Company for five years, first as an assistant accountant and the last two years as the senior accountant. Paul has...
Discuss the importance of considering business risks in audit planning.
Summary of the importance of planning an audit to consider the risks of material misstatement in a set of financial statements. The summary to include at least one reference.
Discuss some of the important features of audit documentation and what are the risks of inadequate audit documentation.
Which of the following is an audit procedure in response to assessed risks? Select one: a. Making changes to the nature, timing, or extent of audit procedures to obtain more persuasive evidence b. Designing and implementing appropriate responses to financial statements c. Changing the recalculating procedures applied in financial statements d. Developing an understanding of the entity’s control environment
For a given audit risk, the relationship between the risks of material misstatement and detection risk is A. Linear. B. Inverse. C. Independent. D. Equal.