4. 10 pts. In NO MORE THAN 20 words: Describe how risk of incorrect acceptance AND risk of incorrect rejection is minimized. 5. 10 pts. In performing & conducting audit tests to determine (assess) if a control is designed effectively, what two broad items are you reviewing? 6. 120 pts. For each of 8 defined audit steps below, only to the extent discussed in class (meaning do not cut & paste language out of the textbook or other source unless specifically referred to in class), A) provide a two sentence summary description of each step; B) summarize the types of and/or give examples of what information could be used to perform the step; & C) summarize and/or give examples of what is produced by performing the step / process. DO NOT populate the chart with your responses to A); B); & C). Put your responses in an outline format step by step, identifying the step by its full title and then with each step having an A); B); & C) response. Summary Description Inputs Considered Outputs of Step Audit Step Title 1. Annual Planning 2. Engagement Planning 3. Walk Through 4. Determine Testing Strategy 5. Determine Sampling Plan 6. Perform Fieldwork 7. Produce Exception Reporting 8. Produce Results Reporting 4. 10 pts. In NO MORE THAN 20 words: Describe how risk of incorrect acceptance AND risk of incorrect rejection is minimized. 5. 10 pts. In performing & conducting audit tests to determine (assess) if a control is designed effectively, what two broad items are you reviewing? 6. 120 pts. For each of 8 defined audit steps below, only to the extent discussed in class (meaning do not cut & paste language out of the textbook or other source unless specifically referred to in class), A) provide a two sentence summary description of each step; B) summarize the types of and/or give examples of what information could be used to perform the step; & C) summarize and/or give examples of what is produced by performing the step / process. DO NOT populate the chart with your responses to A); B); & C). Put your responses in an outline format step by step, identifying the step by its full title and then with each step having an A); B); & C) response. Summary Description Inputs Considered Outputs of Step Audit Step Title 1. Annual Planning 2. Engagement Planning 3. Walk Through 4. Determine Testing Strategy 5. Determine Sampling Plan 6. Perform Fieldwork 7. Produce Exception Reporting 8. Produce Results Reporting