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Author Question: When determining tolerable exception rate (TER), (Read 16 times)

sh03641

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on: Aug 21, 2022

Question 1

When choosing the appropriate acceptable risk of overreliance, the auditor needs to
◦ rely on his/her professional judgment.
◦ err on the side of conservatism.
◦ consult the professional standards.
◦ follow SEC guidelines.

Question 2

When determining tolerable exception rate (TER),
◦ the auditor considers the degree of reliance to be placed on the control and the significance of the control to the audit.
◦ if only one internal control is used to support a low control risk assessment for an objective, TER will be higher for the attribute than if multiple controls are used to support a low control risk assessment for the same objective.
◦ control deviations increase both the risk of material misstatements in the accounting record, and will always result in misstatements.
◦ a smaller sample size is needed for a low TER than for a high TER.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by sh03641 on Aug 21, 2022

nikspatel037

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Reply #1 on: Aug 21, 2022
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sh03641

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Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)

JaynaD87

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Reply 3 on: Yesterday
Gracias!

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