Acquisition and Payment Cycle Sales and Collection Capital Acquisition and Repayment Cycle Risk Cycle Many misstatements...

 

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Acquisition and Payment Cycle Sales and Collection Capital Acquisition and Repayment Cycle Risk Cycle Many misstatements Some Misstatement Expectation Few misstatements misstatements Inherent Risk Level Internal Control Effective- ness High effectiveness High effectiveness Low effectiveness Control Risk Level Acceptable Audit Risk Assessment Low willingness Low willingness Low willingness Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences a. Fill in the blanks for planned detection risk and planned evidence using the terms low, medium, or high. (30 points, 2 points per each cell) b. Please explain the meaning of "Acceptable Audit Risk Level" being "high." (20 Points, 150 words minimum) Acquisition and Payment Cycle Sales and Collection Capital Acquisition and Repayment Cycle Risk Cycle Many misstatements Some Misstatement Expectation Few misstatements misstatements Inherent Risk Level Internal Control Effective- ness High effectiveness High effectiveness Low effectiveness Control Risk Level Acceptable Audit Risk Assessment Low willingness Low willingness Low willingness Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences a. Fill in the blanks for planned detection risk and planned evidence using the terms low, medium, or high. (30 points, 2 points per each cell) b. Please explain the meaning of "Acceptable Audit Risk Level" being "high." (20 Points, 150 words minimum)

Answer rating: 100% (QA)

Solution a Planned detection risk High medium Low planned Audit evidence Low medium High This is bec... View the full answer