Essay Type Questions 1. Briefly explain the three types of audit. 2. What creates the demand for financial statement audit? 3. What are the Generally Accepted Auditing Standards? List and briefly explain them. 4. What are the components of Audit Risk? Use the Audit risk equation and briefly explain the components of audit risk. 5. What are the overall categories of Auditing procedures, briefly explain them? 6. What are the types of audit procedures used during substantive testing, briefly explain them. 7. How do you figure out the balance of control and substantive testing? How does this link into control risk and detection risk? (You may use the spectrum for the level of control risk) 8. What is the definition of analytical procedures? What is timing of analytical procedures in a financial statement audit?