Module 4 - Planning, Materiality and Risk Flashcards
1
Q
Planning the audit Steps:
A
2
Q
Understanding the Entity and Overall Audit Strategy
A
3
Q
Attention to Important Areas (Refer to those notes for Task 2)
A
4
Q
Benchmarks to use:
A
5
Q
PAQ 4.10 (Chapter 4 - Audit Planning 2)
A
6
Q
Risk Assessment
A
7
Q
Step 1 - Assess inherent risk at the Business Level.
Step 2 - Assess inherent risk on an Account Level.
A
8
Q
Step 3 - Assess Control Risk at the Entity Level
Step 4 - Assess Control Risk at the Account or Transaction Level
Step 5 - Concludr on IR, CR, and AR
A
