Reference no: EM1354739
Select the component of audit risk(a,b,c and d - below) that is most directly illustrated. The components may be used once, more than once, or not at all.
a. engagement risk
b. control risk
c. detection risk
d. inherent risk
1. A client fails to discover employee fraud on a timely basis because bank accounts are not reconciled monthly.
2. Cash is more susceptible to theft than an inventory of coal.
3. Confirmation of receivables by an auditor fails to detect a material misstatement.
4. Disbursements have occurred without proper approval.
5. Inadequate segregation of duties.
6. A necessary substantive audit procedure is omitted.
7. Susceptibility of notes receivable to material misstatement, assuming there are no related controls
8. Technological developments make a major product obsolete.
9. An auditor complies with GAAS on an audit engagement , but the shareholders sue the auditor for issuing misleading financial statement
10. XYZ company, a client, lacks sufficient working capital to continue operations.
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