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Question 13 (22 marks) Danny is planning the audit of the account receivables for ABC...

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Question 13 (22 marks) Danny is planning the audit of the account receivables for ABC Company. Danny has assessed the following risks as low, medium, or high for the relevant balance related assertions in the account receivables. Audit Risk Detection Inherent Risk Control Risk Risk 0 Medium Medium Medium Medium Balance- Related Assertions Existence Rights and obligations Completeness Accuracy and Valuation Classification Medium Low Medium Low Low High Medium Medium (iv) Medium Low Low (V) Required: a. Define each of the FOUR identified risks in the columns of the table above. (8 marks) b. List out the answers (i) to (v) in the table above regarding detection risk for each balance-related assertions using the terms low, medium, or high. (10 marks) c. Which audit objective assertion) require the greatest amount of evidence and which require the least? (4 marks)

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