Reference no: EM132974202
1: Who is responsible for minimising the business risk of an organisation?
2: Describe the auditor's responsibility with regard to business risk and financial statement assertions.
3: List the four procedures necessary to obtain an understanding of the entity's internal control.
4: What is internal control' Why is it important?
5: Internal control can provide only reasonable assurance as there are Inherent limitations within an entity's control structure. Identify and describe three of these limitations.
6: What are the responsibilities of management and the auditor in relation to internal control?
7: Control activities are detailed policies and procedures that management establishes to help ensure that its directives arc carried out. List the four different categories of control activities and give an example of each.
8: Describe the alternative techniques for documenting the auditor's understanding of internal controls.
9: Audit risk Is said to be a function of inherent risk, control risk and detection risk. Explain audit risk. Define and differentiate between each of its components.
10: If inherent risk and control risk are high why will detection risk be set as low, and what effect does this have on the audit strategy?
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