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6.3. Ques 7-45 (Assignment) A+ Submit Assignment Due Sunday by 11:59pm Points 12 Submitting a text entry box or a file upload File Types doc, docx, pdf, and rtf Available Feb 22 at 12am - Feb 28 at 11:59pm 7 days Review the Question 7-45 Blank copy and the Questions 7-45 Solutions and explain conceptually why the answers are what they are. You may type your answer below or attach a copy of your typed answers. 1. Blank copy.ques 7-45 blank1.docx 2.Solution Copy: ques 7-45 Solution blanked out.docx She 7-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A Controls Appear Strong; Auditor Decides to Test Controls to Extent Possible Case B Controls Appear Strong, but Auditor Does Not Test Case C Controls Appear Weak I. At what level is planned assessed level of control risk? (low, moderate, maximum) 2. Describe the scope of tests of control that will be performed. (none; tests performed Results of Tests of Controls A(3) Controls ineffective A(1)- Controls strong (operated effectively A2) Controls moderately effectively N/A N/A 3. At what level is the assessed level of control risk? (low: moderate; maximum) 4. (a) What is the acceptable level of detection risk? (lowest: low, moderate, high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; high; moderate, low lowest) Scope of substantive Procedures: 1 Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using large samples 3 Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internalh generated evidence performed at interim dates, and/or using smaller samples Focus le Review View Help BS 7-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A Controls Appear Strong; Auditor Decides to Test Controls to Extent Possible Case B Controls Appear Strong, but Auditor Does Not Test* Case C Controls Appear Weak I. At what level is planned assessed level of control risk? (low, moderate, maximum Low Maximum Maximum Describe the scope of tests of control that will be performed. (none, tests performed Results of Tests of Controls Tests performed None None A(1)-Controls strong A(2)Controls Yoperated effectively) moderately effectively 43) Controls ineffective NA N/A At what level is the assessed level of control risk? (low moderate; maximum) Low Moderate Maximum Maximum Maximum Moderate Low Lowest Lowest Lowest 4. (a) What is the acceptable level of detection risk? (lowest: low, moderate; high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest, high, moderate, Low lowest) Moderate Scope High Scope Highest Scope Highest Scope Highest Scope Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples 6.3. Ques 7-45 (Assignment) A+ Submit Assignment Due Sunday by 11:59pm Points 12 Submitting a text entry box or a file upload File Types doc, docx, pdf, and rtf Available Feb 22 at 12am - Feb 28 at 11:59pm 7 days Review the Question 7-45 Blank copy and the Questions 7-45 Solutions and explain conceptually why the answers are what they are. You may type your answer below or attach a copy of your typed answers. 1. Blank copy.ques 7-45 blank1.docx 2.Solution Copy: ques 7-45 Solution blanked out.docx She 7-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A Controls Appear Strong; Auditor Decides to Test Controls to Extent Possible Case B Controls Appear Strong, but Auditor Does Not Test Case C Controls Appear Weak I. At what level is planned assessed level of control risk? (low, moderate, maximum) 2. Describe the scope of tests of control that will be performed. (none; tests performed Results of Tests of Controls A(3) Controls ineffective A(1)- Controls strong (operated effectively A2) Controls moderately effectively N/A N/A 3. At what level is the assessed level of control risk? (low: moderate; maximum) 4. (a) What is the acceptable level of detection risk? (lowest: low, moderate, high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; high; moderate, low lowest) Scope of substantive Procedures: 1 Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using large samples 3 Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internalh generated evidence performed at interim dates, and/or using smaller samples Focus le Review View Help BS 7-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A Controls Appear Strong; Auditor Decides to Test Controls to Extent Possible Case B Controls Appear Strong, but Auditor Does Not Test* Case C Controls Appear Weak I. At what level is planned assessed level of control risk? (low, moderate, maximum Low Maximum Maximum Describe the scope of tests of control that will be performed. (none, tests performed Results of Tests of Controls Tests performed None None A(1)-Controls strong A(2)Controls Yoperated effectively) moderately effectively 43) Controls ineffective NA N/A At what level is the assessed level of control risk? (low moderate; maximum) Low Moderate Maximum Maximum Maximum Moderate Low Lowest Lowest Lowest 4. (a) What is the acceptable level of detection risk? (lowest: low, moderate; high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest, high, moderate, Low lowest) Moderate Scope High Scope Highest Scope Highest Scope Highest Scope Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples