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Resources: Assessing
Materiality and Risk simulation on student website
Complete
the Assessing Materiality and Risk simulation
Resources:
Assessing Materiality and Risk simulation on student website
Complete
the Assessing Materiality and Risk simulation located on the student website.
Prepare
a 350-word response to following questions after completing the simulation:
·
Why do certain
accounts have to be audited 100%?
·
Why is
materiality allocated only to those accounts that are sampled?
·
Is any
component of audit risk within the control of the auditor? Explain.
·
How are the
three risks that make up audit risk inter-related?
·
Week 3 – DQ 1
·
What are the
two types of audit tests? What are some examples of each of these two types of
tests? How will the auditor use the data gathered from these tests?
Week 3 – DQ 2
Why do auditors have to consider the
internal controls of the organization? What are some key elements of internal
control? Which are the most important? How will the auditor have to modify the
audit program if the internal controls are deemed inadequate to support
management assertions?
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