Calculations and Fill in the Blank

Auditing standards require the auditor to assess the risk of material the assertion level for classes of transactions and account balances, and so plan the deepe are some questions related to audit risk assessment: (1 mark each point)

a) if an auditor uses the audit risk model for the client company unde aude to atau n and a

inherent risk is 40% control risk is 50%, and acceptable audit maks 20% the assesed panned devenci

(Complete using a percentage)

b) if an auditor assesses inherent risk to be mediun, contro risk to be th planned detection risk would be (medium

(Complete using one of the following terms: high medium or low

c) if an auditor assesses inherent risk to be low, control tisko be low and acceptatie ooda he would plan to gather would be (low (Complete using one of the following terms figh.medium. or low

d) if an auditor believes the chance of financiar falove is low and there is a commod

acceptable audit risk would skely to be (screased)

(Complete using one of the following terms increased, decreasest or remain the se

if the audit assurance rate is 21, then the level of acceptatie auditra 09

ing a percentage)