Question: In August 2010 the PCAOB approved AS No. 12. Access this standard at the PCAOB website (www.pcaob.org). Paragraph 5 of the standard lists five risk

In August 2010 the PCAOB approved AS No. 12. Access this standard at the PCAOB website (www.pcaob.org). Paragraph 5 of the standard lists five risk assessment procedures that the auditor is to perform. Assume that you are a senior on an audit engagement and need to explain to your intern what each of these procedures involves and why the auditor performs these procedures. In your own words, and using terminology that is understandable to an intern who has not yet taken an auditing course, describe these procedures and the reason that the auditor performs these procedures. Be brief; you should only use one or two paragraphs for each procedure.

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