Podcast
Questions and Answers
What is the starting point for designing an effective audit response?
What is the starting point for designing an effective audit response?
- External confirmation of audit evidence
- Listing of assessed risks developed at the end of the risk assessment phase (correct)
- Assessment of material misstatements at assertion levels
- Conducting analytical procedures
At what levels is an assessment of the risks of material misstatements required?
At what levels is an assessment of the risks of material misstatements required?
- Neither financial statement nor assertion levels
- Only financial statement level
- Both financial statement and assertion levels (correct)
- Only assertion level
What do responses to the risk consist of?
What do responses to the risk consist of?
- External confirmation of audit evidence
- Maintaining audit documentation
- Conducting audit sampling
- Designing various audit procedures to gather evidence about financial statement assertions (correct)
Which standard is specifically for external confirmation?
Which standard is specifically for external confirmation?
When is an assessment of the risks of material misstatements required?
When is an assessment of the risks of material misstatements required?
What is the starting point for designing an effective audit response?
What is the starting point for designing an effective audit response?
At what levels is an assessment of the risks of material misstatements required?
At what levels is an assessment of the risks of material misstatements required?
What do responses to the risk consist of?
What do responses to the risk consist of?
Which standard is specifically for external confirmation?
Which standard is specifically for external confirmation?
What is required at both financial statement and assertion levels?
What is required at both financial statement and assertion levels?