How would you explain audit risk model to the decision maker

Assignment Help Auditing
Reference no: EM131814181

Assignment: Discussion-Audit Risk Model

A major focus of this module is the audit risk model for assessment of risk, as well as the various types of risk that must be assessed.

As a partner in the CPA firm Dewey, Wright, and Moore, you have decided to accept the engagement and take on AV Imports and Exports as a client. You begin the audit by assessing the risk of the engagement. In order to make this risk assessment, you use the audit risk model. The audit committee of AV Imports and Exports seeks an explanation of how your risk assessment was accomplished for the engagement.

How would you explain the audit risk model to the decision makers at AV Imports and Exports? Research risk assessment using your textbook and the Argosy University online library resources and prepare a response. In your response, include the following:

• A general summary to present your understanding of the audit risk model.
• The types of risk that must be assessed and the reasons.
• An example from your personal experience or an article from a scholarly source to explain why the audit risk concept is important.

Reference no: EM131814181

Questions Cloud

The shadow banking system is comprised : The shadow banking system is comprised of:
Explain what are your thoughts about validity of a strengths : Explain what are your thoughts about the validity of a strengths, weaknesses, opportunities, and threats (SWOT) analysis in strategic planning?
Describes toxic asset on bank balance sheet : Which of the following describes a "toxic" asset on a bank's balance sheet?
Discuss the company uses the fifo process cost method : The company uses the FIFO process cost method. The cost of completing a unit during the current period was
How would you explain audit risk model to the decision maker : How would you explain the audit risk model to the decision makers at AV Imports and Exports? Research risk assessment using your textbook.
How the change will be implemented across the organization : For this assignment, you will play the role of a chief nursing officer communicating a recent change in healthcare law, policy, or regulatory requirement.
Offer the best return on investment : Which of the following would offer the best return on investment? Assume that you buy $4,000 in stock in all three cases,
What do you do in your state of practice : What do you do if you are a PMHNP on an inpatient unit and a client who admitted themselves on a voluntary basis suddenly states ?
Write the eps formula for the given situation : Lewis, Inc. began the year with 300,000 shares of common stock and 25.000 shares of 6%, $100 par value, cumulative, convertible preferred stock.

Reviews

Write a Review

Auditing Questions & Answers

  What is the level of assurance

Distinguish between compilation and review of financial statements. What is the level of assurance for each?

  Question 1 did kpvis client-acceptance process follow the

question 1. did kpvis client-acceptance process follow the applicable standards and regulations?determine the

  Discuss the implications of the sales bonus system

Discuss the implications of the sales bonus system for the control environment special factors would management have to have to consider?

  Alex is a director and the ceo of stylux appliances pty ltd

alex is a director and the ceo of stylux appliances pty ltd stylux. the company retails electrical appliances. the

  Internal controls in the system

The internal controls in the system that are potentially effective, the risk that the control could mitigate and one ‘test of control' for each of the identified potentially effective controls.

  What action should fellowes and associates take

ACCT20040 - Auditing and Ethical Practice ACCT20075 - Auditing and Ethics - What action should Fellowes and Associates take to eliminate the potential threats to independence in situations (1) and (2) above? What safeguards should be instituted to ..

  Evaluate whether management''s plans

1.Callie Peters is completing the audit of Making New Friends.com for the year ended December 31, 2013.

  Develop an auditor report attesting to management

Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.

  Responsibility to hire and fire audit managers

Determine whether the responsibility to hire and fire audit managers should have prevented the firing of the chief of internal auditing by management for reporting fraudulent activity.

  List and discuss several inherent risk factors

HA3032 AUDITING AND ASSURANCE SERVICES - List and discuss several factors that would have contributed to an increased inherent risk assessment at the financial report level. Also identify which of these factors may be identified during the strategi..

  It support services-seasonal trends

Why and which seasonal period(s) might an IT support services system (help desk) need to be aware of? Limit yourself to one type of seasonal period that applies.

  Prepare an audit procedure

For each control, state which transaction-related audit objectives is (are) applicable and for each control, prepare an audit procedure that could be used to test the control for effectiveness.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd