CAS 31528 Requires the Auditor to Consider Various Factors to Identify

question 24

Essay

CAS 315.28 requires the auditor to consider various factors to identify significant risks.List the factors the auditors are required to consider.

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Definitions:

Statistically Significant

A mathematical indication that a result is not likely to have occurred by chance alone, according to a predefined threshold of probability (the p-value).

Real Life

Pertaining to or involving actual events, situations, and experiences, as opposed to theoretical concepts or hypothetical scenarios.

Obtained Results

The findings or outcomes that are derived from conducting a specific research study or experiment.

Evocative Gene-environment Correlation

A concept in genetics suggesting that an individual's genes influence the environment they create or seek out, affecting their development.