Podcast
Questions and Answers
What is the objective of the auditor in response to assessed risks?
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?
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?
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?
What is the relationship between audit techniques, audit procedures, and assertions?
What is one of the submodules under 'Response to Assessed Risks'?
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 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 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 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 relationship between audit techniques, audit procedures, and assertions?
What is the purpose of responses to significant risks?
What is the purpose of responses to significant risks?
