Use the following information to answer questions 7 and 8:

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

Flag question: Question 7

The audit of which cycle clearly uses a reliance strategy?

Group of answer choices

Revenue

Purchasing

Payroll

Cannot be determined without additional information

Question 8

Question 8

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

Revenue

Purchasing

Payroll

Cannot be determined without additional information