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Answer each of the following:
1 Control risk has been assessed as high and detection risk is low. What is the timing of the substantive procedures likely to be?
2 The auditor has decided that they will use a larger sample for confirmations at year end. What is the level of detection risk?
3 Control risk has been assessed as low and detection risk is high. What type of substantive procedures are the auditors more likely to use?
4 Control risk has been assessed as low and detection risk is high. What size sample are the auditors more likely to use?
5 The auditor has decided that they will do more tests of details of balances and use larger samples. What is the likely level of control risk?
6 The auditor has been comparing the customer closing balances with the balance in the control account for a large sample of customers at year end. What is the level of control risk and detection risk?
Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?
Code of Ethics for Professional Accountants
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Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors
Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.
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As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.
To identify principal audit risk and corresponding audit procedures
Show the audit inherent risk and rate the risk as low, medium or high.
Explain the role of the following three 'bodies' in National Health Reform
Prepare a memo on the 'state of the company's industry' and associated risk factors.
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