What do you understand by the term ‘Audit Risk’ and ‘Audit evidence’? How auditors can reduce...

What do you understand by the term ‘Audit Risk’ and ‘Audit evidence’? How auditors can reduce audit risk with audit evidence, support your answer from annual report of Saudi Aramco 2019

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ekkarill92 answered 2 years ago

Why do auditors use the audit risk model when planning an audit? If audit evidence was...

Why do auditors use the audit risk model when planning an audit? If audit evidence was gathered and evaluated and an auditor decides to increase the assessed level of control risk from that originally planned what would need to be done in order to achieve an overall audit risk level that is substantially the same as the planned audit risk level? Why would an auditor want to achieve this level?

Define inherent risk. Can the auditors reduce inherent risk by performing audit procedures? 2. What are...

Define inherent risk. Can the auditors reduce inherent risk by performing audit procedures? 2. What are the major purposes of obtaining representation letters from audit clients? 3. Simulation Auditors consider financial statement assertions to identify appropriate audit procedures. For items a through f, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. Assertion Statement a) Completeness b) Cutoff c) Existence and occurrence d) Presentation and disclosure e) Rights and obligations...

Explain how you can reduce the audit risk to an acceptable Low level

1. What do you understand by the term risk? 2. How would you contextualize risks in...

1. What do you understand by the term risk? 2. How would you contextualize risks in your organization? 3. List four methods of identifying risks in an organization. 4. How are risks analyzed? 5. What do you understand by the terms “long term” and “short term” risk treatments? 6. Explain the role of every worker in regards to identification of risks. 7. List the role of senior management team in the mitigation process of risks. 8. Discuss the aims and...

Explain the various ways auditors can reduce their exposure to audit liabilities

“Risk assessment is the foundation of an audit. For auditors, it is how they come to...

“Risk assessment is the foundation of an audit. For auditors, it is how they come to understand company and plan their audit procedures to provide the most reliable information for the company and for the users of financial statements. It will help them to understand what is involved and make the audit risk assessment procedures run as parallel as possible with companies’ daily responsibilities” From the light of the above statement, answer the following questions in your opinion: c) How...

What do you understand by the term development?

What do you understand by the term development? What are the main laws of development.

1. Discuss what the term audit evidence means and explain the need for audit evidence. Explain...

1. Discuss what the term audit evidence means and explain the need for audit evidence. Explain what sufficiency means in terms of audit evidence. Explain what appropriateness including relevance and reliability mean in terms of audit evidence. 2. What does trust but verify mean in regard to audit evidence? Explain how audit evidence is verified. Discuss audit evidence gathering procedures. 3. What is the nature and rationale for audit documentation? Explain the structure of audit documentation. Give an example of...

Why must we as accountants understand risk and conduct risk assessments? Do you think an audit...

Why must we as accountants understand risk and conduct risk assessments? Do you think an audit could be performed without conducting a risk assessment? Discuss some of the pros and cons of having a risk assessment to an organization.

22. ISA 500 Audit evidence requires auditors to obtain sufficient appropriate audit evidence to be able...

22. ISA 500 Audit evidence requires auditors to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base their audit opinion. Discuss the different sources of evidence available to auditors and assess their relative appropriateness

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