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:
Q7: A lack of controls over payments to
Q14: In accumulating final evidence upon which to
Q14: The profession has developed professional judgment frameworks
Q29: When considering internal controls,<br>A)auditors can ignore controls
Q37: Controls that are applied throughout the accounting
Q40: For audit evidence to be compelling to
Q45: The performance of risk assessment procedures is
Q77: In phase IV of the audit,complete the
Q96: Relating to opportunities,why do most people commit
Q99: A written understanding detailing what the auditor