Mark Hopper is planning the audit of the investments account for audit client Garden Supply Co. (GSC). GSC invests excess cash at the end of the summer sales season through an investment manager who invests in equity and debt securities for GSC€™s account. Mark has assessed the following risks as low, medium, or high for the relevant balance-related audit objectives in investment account.

Required
a. Describe each of the four identified risks in the columns of the table above.
b. Fill in the blank for planned detection risk for each balance-related audit objective using the terms low, medium, or high.
c. Which audit objectives require the greatest amount of evidence and which require the least?
d. Through audit testing, Mark finds the investment manger€™s controls over recording purchases and sales of securities are not as effective as originally assessed. What should Markdo?

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Risk of Material Misstatements Balance-Related Audit Objectives Existence Completeness Accuracy Classification Cutoff Detail tie-in Realizable value Rights and obligations Planned Detection Risk Audit Risk Inherent Risk Control Risk Medium Medium Low Medium Medium Low Low Medium Medium Medium Medium Medium Low OW Low Medium Low Low Hi Low Medium Medium Hi Medium