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Audit and Assurance: Responses to Assessed Risks

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Audit and Assurance: Responses to Assessed Risks

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Questions and Answers

What is the objective of the auditor in response to assessed risks?

To minimize the number of assessed risks

To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement (correct)

To delegate the response to assessed risks to the entity

To ignore the assessed risks and proceed with the audit process

What are the types of responses to the assessed risks of material misstatements?

Only at the assertion level

At the risk assessment level

At the financial statement level and at the assertion level (correct)

Only at the financial statement level

What is the purpose of audit procedures in response to assessed risks?

To speed up the audit process

To rely solely on entity-produced information

To gather sufficient and appropriate audit evidence to reduce the audit risk to an acceptably low level (correct)

To increase the audit risk to challenge the entity

What is the relationship between audit techniques, audit procedures, and assertions?

They are interconnected in gathering audit evidence and evaluating assertions Signup and view all the answers

What is one of the submodules under 'Response to Assessed Risks'?

Audit Sampling Signup and view all the answers

What is the objective of the auditor in obtaining sufficient appropriate audit evidence?

To reduce the audit risk to an acceptably low level Signup and view all the answers

What is the nature of the audit procedures designed to gather sufficient and appropriate audit evidence?

Specific to each assessed risk of material misstatement Signup and view all the answers

What are the types of responses to the assessed risks of material misstatements?

At the financial statement level and at the assertion level Signup and view all the answers

What is the relationship between audit techniques, audit procedures, and assertions?

Audit procedures are performed using audit techniques to address assertions Signup and view all the answers

What is the purpose of responses to significant risks?

To obtain sufficient appropriate evidence regarding significant risks of material misstatement Signup and view all the answers

Audit and Assurance: Responses to Assessed Risks

Choose a study mode

Podcast

Questions and Answers

What is the objective of the auditor in response to assessed risks?

What are the types of responses to the assessed risks of material misstatements?

What is the purpose of audit procedures in response to assessed risks?

What is the relationship between audit techniques, audit procedures, and assertions?

What is one of the submodules under 'Response to Assessed Risks'?

What is the objective of the auditor in obtaining sufficient appropriate audit evidence?

What is the nature of the audit procedures designed to gather sufficient and appropriate audit evidence?

What are the types of responses to the assessed risks of material misstatements?

What is the relationship between audit techniques, audit procedures, and assertions?

What is the purpose of responses to significant risks?

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