Hilltop Partners is planning the audit for one of its clients. Jake Hilltop is performing the risk assessment at the assertion level for the accounts payable account to determine the nature and timing of the work to be performed. Jake has assessed the inherent risk for accounts payable for each assertion as follows: Existence- Medium Completeness- High Accuracy and valuation- Low Rights and obligations- Low Jake has assessed the audit risk and controls risk as low. Which of the following reflect the appropriate detection risk and audit approach given the risk assessment at the account level?

		ACCOUNT ASSERTION		ORA		DETECTION		AUDIT APPROACH
1.		Accounts Payablecompleteness		Medium		Low		Combined approach
2.		Accounts Payable-Accuracy and valuation		Low		High		Combined approach
3.		Accounts Payableexistence		Low		High		Combined approach
4.		Accounts Payable rights and oblig.		Low		High		Substantive approach
5.		Accounts Payablecompleteness		Medium		Low		Substantive approach
6.		Accounts Payable-Accuracy and valuation		High		Low		Substantive approach
7.		Accounts Payableexistence		Low		High		Substantive approach
8.		Accounts Payablerights and oblig.		Low		High		Combined approach

so select the correct ans from following

i)1,2,4,7

ii)1,3,5,8

iii)1,4,6,7

iv)2,3,5,8

v)2,3,6,8

vi)3,4,5,8

vii)3,5,7,8