Block 3b - Risk Of Material Misstatement Flashcards
1
Q
Audit risk
A
2
Q
Inherent risk
A
3
Q
Sceptical
A
4
Q
Alert
A
5
Q
Inherent risk
A
6
Q
Normal susceptibilities
A
7
Q
Disclosures omission or incompletion
A
8
Q
Prevent, detect, correct in timely manner
A
9
Q
Failure of auditor
A
10
Q
First time audit
A
11
Q
Complexity
A
12
Q
Nature of information
A
13
Q
Preparation reporting requirement
A
14
Q
Change
A
15
Q
Economic/regulatory environment
A
16
Q
Higher risk of non-compliance
A
17
Q
Fines
A
18
Q
Impairment/Obsoleteness
A
19
Q
Subjective estimates
A
20
Q
Management
A
21
Q
Management bias/fraud risk factors
A
22
Q
Intentional/unintentional errors in financial statements
A
23
Q
Difference between something reported by management and IFRS/IAS.
A
24
Q
Significant
A
25
Q
Prioritize
A
