course: auditing $-$ creates a reasonable possibility a material misstatement will not be detected, follow a transaction throught the system, GAAP, GAAS, $($inquire$,$ inspect, observe, reperform$),($inquiries$,$ analytical procedures, observation$),$ likelihood a misstatement woll not be prevented or detected, likelihood auditor's procedureswill not detect a material misstatement, likelihood of misstatement assuming no controls, $($merits attention, less than a material waekness$),$ relevant assertions, reporting on internal control and financial statements, reporting on internal control and service providers, risk tolerance of an average financial statement user, substantive procedures and tests of controls, tests of controls and planning, user auditor $1.$ further audit procedures $2.$ integrated audit $3.$ control risk $4.$ walk$-$thourgh $5.$ risk assessment procedures