Question 2 a Please fill the highlighted cells with given data, estimate the planned detection risk and "planned audit evidences". Sales and Capital Acquisition and Payroll and Collection Inventory and Acquisition and Warehousing Personnel Payment Cycle Cycle Repayment Cycle Cycle Cycle Misstatement Few Many Some Many Some Expectation misstatements misstatements misstatements misstatements misstatements Inherent Risk Level Internal Control Low Low High High LOW Effectiveness effectiveness effectiveness effectiveness effectiveness effectiveness Control Risk Level Low willingness Low willingness Low willingness Low willingness Low willingness Acceptable Audit Risk Assessment Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences b. Regarding the planned detection risk and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples Question 2 a Please fill the highlighted cells with given data, estimate the planned detection risk and "planned audit evidences". Sales and Capital Acquisition and Payroll and Collection Inventory and Acquisition and Warehousing Personnel Payment Cycle Cycle Repayment Cycle Cycle Cycle Misstatement Few Many Some Many Some Expectation misstatements misstatements misstatements misstatements misstatements Inherent Risk Level Internal Control Low Low High High LOW Effectiveness effectiveness effectiveness effectiveness effectiveness effectiveness Control Risk Level Low willingness Low willingness Low willingness Low willingness Low willingness Acceptable Audit Risk Assessment Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences b. Regarding the planned detection risk and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples
