Questions from Auditing and Assurance

Q: At what two levels does the auditor assess the risk of material

At what two levels does the auditor assess the risk of material misstatement?

Q: Describe the types of procedures that constitute risk assessment procedures.

Describe the types of procedures that constitute risk assessment procedures.

Q: Why is an auditor’s independence so essential?

Why is an auditor’s independence so essential?

Q: What are the three ways auditors respond to fraud risks?

What are the three ways auditors respond to fraud risks?

Q: How do the COSO principles help an organization assess whether internal controls

How do the COSO principles help an organization assess whether internal controls are designed and operating effectively?

Q: Describe the three main techniques used to manipulate revenue.

Describe the three main techniques used to manipulate revenue.

Q: Define the audit risk model and explain each term in the model

Define the audit risk model and explain each term in the model

Q: Explain the conceptual framework for the Rules of Conduct and how it

Explain the conceptual framework for the Rules of Conduct and how it should be applied.

Q: What is the purpose of a control risk matrix?

What is the purpose of a control risk matrix?

Q: In Figure 13-4, explain the differences among C3,

In Figure 13-4, explain the differences among C3, C2, and C1. Explain the circumstances under which it would be a good decision to obtain audit assurance from substantive tests at point C1. Do the sam...