Auditing Course

QUESTION 3 - 40 POINTS a. Please fill the highlighted cells with given data, estimate the planned detection risk and "planned audit evidences". (1 point each per cell) Sales and Collection Acquisition and Payroll and Personnel Inventory and Capital Acquisition and Risk Cycle Payment Cycle Cycle Warehousing Cycle Repayment Cycle Misstatement Many misstatements Few misstatements Many misstatements Some misstatements Some misstatements Expectation Inherent Risk Level Internal Control Effectiveness Low effectiveness High effectiveness High effectiveness Medium effectiveness Low effectiveness Control Risk Level Acceptable Audit Risk Low willingness Low willingness Assessment Low willingness Low willingness Low willingness Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences Please submit the following question to the Turnitin. b. Regarding the planned detection risks and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. (10 points) c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples. (5 points) QUESTION 3 - 40 POINTS a. Please fill the highlighted cells with given data, estimate the planned detection risk and "planned audit evidences". (1 point each per cell) Sales and Collection Acquisition and Payroll and Personnel Inventory and Capital Acquisition and Risk Cycle Payment Cycle Cycle Warehousing Cycle Repayment Cycle Misstatement Many misstatements Few misstatements Many misstatements Some misstatements Some misstatements Expectation Inherent Risk Level Internal Control Effectiveness Low effectiveness High effectiveness High effectiveness Medium effectiveness Low effectiveness Control Risk Level Acceptable Audit Risk Low willingness Low willingness Assessment Low willingness Low willingness Low willingness Acceptable Audit Risk Level Planned Detection Risk Planned Audit Evidences Please submit the following question to the Turnitin. b. Regarding the planned detection risks and planned audit evidences you estimated, which cycles will become the easiest and the hardest to audit? Please explain with your own examples. (10 points) c. How will the planned detection risk affect the auditor's workload during the audit process? Please explain with your own examples. (5 points)