Risk assessments determined during planning for three of your client's accounting cycles are shown below?

	REVENUE	PURCHASING	PAYROLL
Planned Audit Risk (low vs very low)	low	low	low
Inherent Risk (low vs high)	high	low	low
Control Risk (low vs high)	high	low	high

The audit of which cycle clearly uses a reliance strategy?

Group of answer choices

A. Revenue

B Purchasing

C Payroll

D. Cannot be determined without additional information

The audit of which cycle likely requires the most substantive testing?

Group of answer choices

A. Revenue

B. Purchasing

C. Payroll

D. Cannot be determined without additional information