Assignment Question(s) (Marks 5) 1 What is Audit risk 2 What is the...

Assignment Question(s):â€‹â€‹â€‹â€‹â€‹â€‹(Marks 5) 1- What is Audit risk? 2- What is the role of an Audit committee? 3-...

90.2K

Verified Solution

Question

Accounting

Assignment Question(s):â€‹â€‹â€‹â€‹â€‹â€‹(Marks 5)
1- What is Audit risk?
2- What is the role of an Audit committee?
3- Write about Engagement letter and its importance? What isEngagement risk?
4- When an Auditor finds misstatements in entities financialstatements which may be the result of fraudulent act, what shouldbe the role of an auditor under that situation?

Answer & Explanation Solved by verified expert

3.6 Ratings (312 Votes)

1 What is Audit RiskAns Audit Risk is a risk that the financialstatementBalance sheet Profit and loss account etc arematerially incorrect even though report of auditor states that thefinancial statement are free from material statement The purposeof an audit is to reduce the audit risk to an appropriate low levelthrough sufficient testing and verification of evidence Below arethe two types of audit Riski Risk of material statementii Detection Risk2 Role of Audit committeeAnsThe primary objective of Audit committee isto oversight of the financial reporting processthe audit processthe company system of internal controls and compliance with lawsand regulations Broadly audit committee is See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member