1. What is Audit risk?
2. Identify and describe the two (2) components of risk.
3. What is the function of worksheets?
4. Describe the relationship between detection risk and audit risk?
5. Define inherent risk and what can reduce this type of risk?
6. What are the analytical procedures in auditing?
7. List the most prevalent types of worksheets and provide a brief explanation of each.

Answer rating: 100% (QA)

1 Audit Risk Audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated It encompasses the risk that the auditor may fail t... View the full answer