Attributes: Creates a reasonable possibility a material misstatement will not be detected. Follow a transaction...
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Accounting
Attributes:
Creates a reasonable possibility a material misstatement will not be detected.
Follow a transaction through the system.
GAAP
GAAS
Inquire, inspect, observe, reperform
Inquiries, analytical procedures, observation
Likelihood a misstatement will not be prevented or detected
Likelihood auditor's procedures will not detect a material misstatement
Likelihood of misstatement assuming no controls
Merits attention, less than a material weakness
Relevant assertions
Reporting on internal control and financial statements
Reporting on internal control and service providers
Risk tolerance of an average financial statement user
Substantive procedures and test of controls
Test of controls and planning
User auditor
Select each of the following terms with the appropriate attributes. No reply is used more than once. Attributes Term 1. Integrated audit 2. Significant deficiency 3. Further audit procedures 4. Risk assessment procedures 5. Inherent risk
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