What are the sources of non sampling risk? How are these controlled and reduced?
Answer to relevant QuestionsWhat components of risk are independent of the audit? Which components may be set by the auditor? What is the basis for setting them? Which components are estimated? Which component may be calculated based on the others?How does the result of the ICFR audit tests affect the financial statement audit?What is the difference between the target of controls tests and the target of substantive procedures?What is substantial doubt about going concern? For what period of time after the close of the fiscal year does the auditor need to assess going concern? From what sources does the auditor get information about going concern?For each of the following errors identify an audit procedure the auditor could have used to detect it.a. The allowance for doubtful accounts estimated by management is too small.b. Cash in payment of an account receivable is ...
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