Risk assessments determined during planning for three of your client's accounting cycles are shown below? REVENUE PURCHASING
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Question:
Risk assessments determined during planning for three of your client's accounting cycles are shown below?
| REVENUE | PURCHASING | PAYROLL | |
| Planned Audit Risk (low vs very low) | low | low | low |
| Inherent Risk (low vs high) | high | low | low |
| Control Risk (low vs high) | high | low | high |
The audit of which cycle clearly uses a reliance strategy?
Group of answer choices
A. Revenue
B Purchasing
C Payroll
D. Cannot be determined without additional information
The audit of which cycle likely requires the most substantive testing?
Group of answer choices
A. Revenue
B. Purchasing
C. Payroll
D. Cannot be determined without additional information
Expert Answer:
ANSWER QUESTION 1 C Payroll Payroll is the compensation a business must pay to its employees for a s... View the full answer
Related Book For 
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
