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Briefly define audit risk and identify its components

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Questions -

Q1. Briefly define audit risk and identify its components.

Q2. How does the audit risk model' help auditors assess and respond to risks in the planning process?

Q3. What is the auditor's responsibility regarding fraud?

Q4. What are the types of fraud and errors that can occur for a client?

Q5. What kinds of risk assessment procedures should an auditor perform when assessing inherent risk?

Q6. Briefly list and describe some sources of information auditors use to assess risks.

Q7. What are some of the key elements of the risk assessment process that must be carefully documented?

Q8. Briefly explain how the auditor is supposed to respond if they find out that their client has broken the law.

Q9. What is an audit strategy memorandum, and what does it typically contain?

Reference no: EM132839580

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