The three components of Audit Risk as per the risk model are

Related MCQs

• Financial (attest) audit includes: i Examination and evaluaion of financial records ii Audit of financial systems and transactions iii Audit of intenal control and internal audit functions iv Evaluation of Compliance with applicable statutes and regulations
• If the desired overall assurance from audit is 95%, the inherent risk is 40% and the control risk is 50%, what would be the desired assurance from substantive tests
• These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk
• Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.
• what are the audit procedures commonly used to obtain audit assurance?
• Instructions to audit team members on the performance of chosen audit procedures are contained in the
• There is a direct relationship between materiality level and the level of audit risk
• Risk assessment is primarily a part of which of these stages in the audit process?
• Financial (attest) audit includes an evaluation of Compliance with applicable statutes and regulations
• Transaction audit essentially seeks to address the following issues of risks to: i Regularity ii Performance iii Propriety iv Financial Control