These are Performed if the audit team plans to take assurance from mitigating controls or from other controls .

Related MCQs

• 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
• These are performed if the audit team has not identified risks that could lead to material misstatement and no reliance is planned to be placed on controls.
• 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
• 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
• Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year
• The extent of audit procedures and the the level of assurance required are
• The three levels of substantive procedures that can be performed in decreasing order of assurance required are:
• Financial (attest) audit is primarily concerned with expression of audit opinion on a set of financial statements.