Following Are the Three Possible Audit Strategies Discussed in the Text

question 32

Short Answer

Following are the three possible audit strategies discussed in the text.
A.A Primarily Substantive Approach
B.A Lower Assessed Level of Control Risk Approach
C.A Response to Lower Inherent Risk Approach
REQUIRED: Using the corresponding letters from the list above, match the audit strategy with the audit strategy components listed below. (Items may be used more than once.)
1.Plan few, if any, tests of controls.
2.Plan to obtain a minimum understanding of relevant portions of internal
controls.
3.Obtain extensive knowledge of the client's business processes relevant to the
assertion.
4.Use a planned assessed level of control risk of moderate or low.

---

Definitions:

Brown Algae

A large group of mostly marine, multicellular algae, including many seaweeds commonly found in colder waters.

Emulsifying Agent

A substance that helps to mix two immiscible liquids, such as oil and water, to form a stable mixture called an emulsion.

Pellicle

An outer layer of plasma membrane and elastic proteins that protects and gives shape to many unwalled, single-celled protists.

Protozoa

Protozoa are a diverse group of unicellular eukaryotic organisms, often found in water and soil environments, that play key roles in the ecosystem as predators and prey.