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Control Risk - Materiality - Confirmation - Vouching - Tracing - SHORT ANSWER 1. List the responsibilities of: Management Auditor Audit Committee DI2 = 2.

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Control Risk - Materiality - Confirmation - Vouching - Tracing - SHORT ANSWER 1. List the responsibilities of: Management Auditor Audit Committee DI2 = 2. Write the formula for Audit Risk, breaking out each of the formula components. AR= IR X CRX DR. Audit Inherent Control Detection Risk Risk Risk Risi Risk AR IRX CR 3. Write formulas for the following ratios - state what each can be used to measure, and what a high ratio indicates: a. Current Ratio b. Quick Ratio c. Operating Cash Flow Ratio d. Profit Margin e. Return on Assets f. Return on Equity

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