Question: For each definition or portion of a definition in the

For each definition (or portion of a definition) in the first column, select the term that most closely applies. Each term may be used only once or not at all.
Definition (or Portion)
a. A detailed listing of the specific audit procedures to be performed in the course of an audit engagement.
b. A description of the nature, timing, and extent of the audit procedures to be performed. It is often documented with an audit program.
c. An estimate of the time required to perform each step in the audit.
d. The purpose of this document is to avoid misunderstandings between the auditors and the client.
e. The risk of material misstatement of an assertion about an account without considering internal control.
f. At the overall engagement level, this is the risk that the auditors may unknowingly fail to appropriately modify their opinion on financial statements that are materially misstated.
g. An identified risk that requires special audit consideration.
h. A risk that threatens management’s ability to achieve the organization’s objectives.

1. Audit plan
2. Audit program
3. Audit risk
4. Representation letter
5. Business risk
6. Control risk
7. Engagement letter
8. Inherent risk
9. Significant risk
10. Survival risk
11. Time budget

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  • CreatedOctober 25, 2014
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