Question: Using the information given to us in the narrative, complete the risk assessment for the account assertions below. (high, moderate or low) Account Assertion IR

Using the information given to us in the narrative, complete the risk assessment for the account assertions below. (high, moderate or low) Account Assertion IR CR ORA DR Sales - occurrence Sales - completeness Trade receivables - existence Trade receivables - completeness *ORA = overall risk assessment of the account assertion - this is based on both IR and CR In one sentence, explain why we assess risk at the account assertion level. What does LOW detection risk mean? What's the implication on the amount of testing? What type of audit strategy would be most appropriate

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