Question
a.Explain each component of the audit risk model and describe how all the components are interrelated. b. xplain test of controls and substantive procedures. How
a.Explain each component of the audit risk model and describe how all the components are interrelated.
b. xplain test of controls and substantive procedures. How are the two different and when will each be used?
c.Explain the following assertions for classes of transactions using sales as an example: Occurrence, Completeness, Accuracy, Cut-off
d. Explain the following assertions for account balances using Accounts Receivable as an example: Existence, Completeness, Valuation and Allocation, Rights and Obligation.
e. Explain why auditors use assertions as a focal point of the audit.
f. It is essential to obtain corroborating evidences for enquiries of client personnel and management. Explain why
g.Outline the purposes of audit documentation, as indicated in ASA 230 (ISA 230).
please try to give ans in your language.
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