6.3. Ques 7-45 (Assignment) at Submit Assignment Due Sunday by 11:59pm Points 12 Submitting a text entry box or a file upload File Types doc, docx, pdf, and rtf Available Feb 22 at 12am - Feb 28 at 11:59pm 7 days Review the Question 7-45 Blank copy and the Questions 7-45 Solutions and explain conceptually why the answers are what they are. You may type your answer below or attach a copy of your typed answers. 1. Blank copy.ques 7-45 blank1.docx 2.Solution Copy: ques 7-45 Solution blanked out.docx Case C- Controls Appear Weak* 17-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A-Controls Appear Strong; Auditor Decides to Test Controls to Case B- Extent Possible Controls Appear Strong, but Auditor Does Not Test 1. At what level is planned assessed level of control risk? (low; moderate; maximum) 2. Describe the scope of tests of control that will be performed. (none; tests performed) Results of Tests of Controls A(1)- Controls A(2) Controls A(3) Controls ineffective strong (operated moderately effectively N/A effectively) 3. At what level is the assessed level of control risk? (low; moderate; maximum) N/A 4. (a) What is the acceptable level of detection risk? (lowest: low; moderate; high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; high, moderate; low; lowest) Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples Case C- Controls Appear Weak Maximum 17-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level: evaluation of controls is based on management's description. Case A-Controls Appear Strong; Auditor Decides to Test Controls to Case B- Extent Possible+ Controls Appear Strong, but Auditor Does Not Test* 1. At what level is planned assessed level of control risk? (low; moderate; maximum) Low Maximum 2. Describe the scope of tests of control that will be performed. (none; tests Tests performed None performed) Results of Tests of Controls A(1)- Controls strong (2) Controls A(3) Controls ineffective (operated effectively) moderately effectively NA 3. At what level is the assessed level of control risk? (low; moderate; maximum) Low Moderate Maximum Maximum 4. (a) What is the acceptable level of detection risk? (lowest; low, moderate; high; Moderate Low Lowest Lowest highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; Moderate Scope High Scope Highest Scope Highest high, moderate; low; lowest) Scope None NA Maximum Lowest Highest Scope Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples 6.3. Ques 7-45 (Assignment) at Submit Assignment Due Sunday by 11:59pm Points 12 Submitting a text entry box or a file upload File Types doc, docx, pdf, and rtf Available Feb 22 at 12am - Feb 28 at 11:59pm 7 days Review the Question 7-45 Blank copy and the Questions 7-45 Solutions and explain conceptually why the answers are what they are. You may type your answer below or attach a copy of your typed answers. 1. Blank copy.ques 7-45 blank1.docx 2.Solution Copy: ques 7-45 Solution blanked out.docx Case C- Controls Appear Weak* 17-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level; evaluation of controls is based on management's description Case A-Controls Appear Strong; Auditor Decides to Test Controls to Case B- Extent Possible Controls Appear Strong, but Auditor Does Not Test 1. At what level is planned assessed level of control risk? (low; moderate; maximum) 2. Describe the scope of tests of control that will be performed. (none; tests performed) Results of Tests of Controls A(1)- Controls A(2) Controls A(3) Controls ineffective strong (operated moderately effectively N/A effectively) 3. At what level is the assessed level of control risk? (low; moderate; maximum) N/A 4. (a) What is the acceptable level of detection risk? (lowest: low; moderate; high, highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; high, moderate; low; lowest) Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope - Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples Case C- Controls Appear Weak Maximum 17-45 In-Class Team Case Assumption: Inherent risk is assessed at the maximum level: evaluation of controls is based on management's description. Case A-Controls Appear Strong; Auditor Decides to Test Controls to Case B- Extent Possible+ Controls Appear Strong, but Auditor Does Not Test* 1. At what level is planned assessed level of control risk? (low; moderate; maximum) Low Maximum 2. Describe the scope of tests of control that will be performed. (none; tests Tests performed None performed) Results of Tests of Controls A(1)- Controls strong (2) Controls A(3) Controls ineffective (operated effectively) moderately effectively NA 3. At what level is the assessed level of control risk? (low; moderate; maximum) Low Moderate Maximum Maximum 4. (a) What is the acceptable level of detection risk? (lowest; low, moderate; high; Moderate Low Lowest Lowest highest) 5. (b) Describe the scope (nature, timing, and extent) of substantive tests. (highest; Moderate Scope High Scope Highest Scope Highest high, moderate; low; lowest) Scope None NA Maximum Lowest Highest Scope Scope of substantive Procedures: 1. Highest Scope - Heavy emphasis on externally generated evidence performed at year-end and/or using larger samples 2. High Scope Emphasis on externally generated evidence performed at year-end, and/or or using larger samples 3. Moderate Scope - Balance between externally generated evidence and internally generated evidence performed at year-end or interim period, with moderate sample sizes. 4. Low Scope - Emphasis on internally generated evidence, performed at interim dates, and/or using smaller samples 5. Lowest Scope - Heavy emphasis on internally generated evidence performed at interim dates, and/or using smaller samples