In practice, auditors rarely assign numerical probabilities to ...

[erikka246]

In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or acceptable audit risk. It is more common to assess these risks as high, medium, or low. For each of the four situations below, fill in the blanks for planned detection risk and the amount of evidence you would plan to gather ("planned evidence") using the terms high, medium, or low.

Acceptable audit risk Inherent risk Control risk Planned detection risk Planned evidence ​

SITUATION 1 Low High High ________ ________ ​

SITUATION 2 Low Low Low ________ ________ ​

SITUATION 3 High Low Medium ________ ________ ​

SITUATION 4 High Low Low ________ ________ ​

[H.cope00]

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[erikka246]

Great answer, keep it coming

[bitingbit]

Thanks for the timely response, appreciate it