Select the necessary words from the list of possibilities to complete the following statements. Statements 1. Audit procedures that are focused on the effectiveness of internal control are called are representations of management, explicit or otherwise, that are embodied in the financial statements as used by auditors 2. to consider the different types of potential misstatements that may occur. that are communicated, explicitly or implicitly by the financial that are set forth in the financial statements. 3. Audit risk at the account balance level consists of three components: (1) (2) control risk and (3) detection risk. 4. Tests of balances and transactions designed to detect material misstatements are called 5. Performing certain audit procedures at an interim date, rather than at the balance sheet date, results in additional be controlled by the auditors. that must 6. 7. procedures are used by auditors to determine that transactions are reflected in the proper accounting period. The existence and accuracy of an account receivable may be tested by to supporting documents. with the debtor, or by vouching entries in the account 8. The provides an overview which includes the nature, timing and extent of procedures to be performed in an audit. Answer