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.

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Definitions:

Flextime Arrangement

Flextime Arrangement is a work schedule policy that allows employees to choose their working hours within set limits, providing flexibility and accommodating personal needs.

Adaptable Schedule

A flexible work schedule that can be adjusted according to work demands and employee needs.

Analyzing Jobs

Job analysis is the process of studying and collecting information about the content and the human requirements of jobs, as well as the context in which jobs are performed.