CA3-AUDITING a) Describe the factors you as auditor should considered and the procedures should bee performed...

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CA3-AUDITING a) Describe the factors you as auditor should considered and the procedures should bee performed prior to acceptance as auditor (10 marks) b) A good system of internal control consists of 5 main components. List the 5 components and briefly Explain each of the components. (10 marks) c) Define, audit risk and discuss the components of the audit risk. Discuss their effect on detection risk. (15 marks) d) Differentiate between the audit strategy and the audit plan and their components. (10 marks) e) State whether the risk of material misstatement at financial statement level should be assessed as low, medium or high. Give reasons for your decision. (10 marks) f) Describe the audit process, explaining in detail every stage. (20 marks) g) Identify the audit evidence gathering techniques and discuss the advantages and disadvantages of each method. (25 marks) CA3-AUDITING a) Describe the factors you as auditor should considered and the procedures should bee performed prior to acceptance as auditor (10 marks) b) A good system of internal control consists of 5 main components. List the 5 components and briefly Explain each of the components. (10 marks) c) Define, audit risk and discuss the components of the audit risk. Discuss their effect on detection risk. (15 marks) d) Differentiate between the audit strategy and the audit plan and their components. (10 marks) e) State whether the risk of material misstatement at financial statement level should be assessed as low, medium or high. Give reasons for your decision. (10 marks) f) Describe the audit process, explaining in detail every stage. (20 marks) g) Identify the audit evidence gathering techniques and discuss the advantages and disadvantages of each method. (25 marks)