1. Do you agree or disagree with the opinion saying “independent auditing can be considered a business”? Explain the concept of a “risk-based approach” in auditing.
2. Describe the relationship between the assessment of inherent risks + control risks with detection risk, amount of evidence required, and materiality level when conducting a financial statement audit of a company.
3. What are the similarities and differences between control risks and inherent risks? What are some of the bases for the assessment of these risks?
4. Do you consider pursuing a career of auditing? Why or why not?

Answer rating: 100% (QA)

1 Accounting and audit have a pivotal role to play in the financial record keeping process of any business though their roles are different in their focus While accounting translates to a much wider f... View the full answer