In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or acceptable audit risk.It is more common to assess these risks as high, medium or low.For each of the four situations below, fill in the blanks for planned detection risk and the amount of evidence you would plan to gather ('planned evidence')using the terms high, medium or low.
Definitions:
Personality Dimension
A continuum of personality traits or characteristics, used to describe variations in human behavior and personality.
Preferences Need No Inferences
A principle suggesting that individuals' choices or preferences can be directly observed without needing to infer underlying motives or reasons.
Appraisal
The process of evaluating the significance of a particular event or situation, often considering one's own resources to handle it.
Judgment Goal
A cognitive objective focusing on forming evaluations or decisions about a particular subject or scenario.
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