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Mark Hopper is planning the audit of the investments account for audit client Garden Supply Co. (GSC). GSC invests excess cash at the end of

Mark Hopper is planning the audit of the investments account for audit client Garden Supply Co. (GSC). GSC invests excess cash at the end of the summer sales season through an investment manager who invests in equity and debt securities for GSC's account. Hopper has assessed the following risks as low, medium, or high for the relevant balance-related audit objectives in the investment account.

Requirement b. Fill in the blank for planned detection risk for each balance-related audit objective using the terms low, medium, or

high. One answer for each

Risk of Material Misstatements

Balance-Related Audit Objectives

Acceptable Audit Risk

Inherent Risk

Control Risk

Planned Detection Risk

Existence

Low

Medium

Medium

Completeness

Medium

Low

Medium

Accuracy

Medium

Medium

Medium

Cutoff

Medium

Medium

Low

Detail tie-in

Medium

Medium

Low

Realizable value

Low

High

Medium

Classification

Medium

Low

Low

Rights and obligations

Medium

Medium

Low

Presentation

Medium

Low

Medium

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