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Author Question: The acceptable risk of overreliance (Read 119 times)

heyheyhey

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on: Aug 21, 2022

Question 1

Place the following steps in their proper order:
1.Analyze exceptions.
2.Select the sample.
3.Define attributes and exception conditions.
4.State the objectives of the audit test.
5.Specify the tolerable exception rate.

◦ 1, 3, 2, 4, 5
◦ 4, 3, 1, 2, 5
◦ 4, 3, 5, 2, 1
◦ 1, 2, 3, 4, 5

Question 2

The acceptable risk of overreliance
◦ is the risk that the auditor will erroneously conclude that the controls are less effective than they actually are.
◦ is less of a concern to the auditors than the risk of underreliance.
◦ represents the auditor's measure of sampling risk.
◦ is determined by a statistical formula, and not by professional judgment.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by heyheyhey on Aug 21, 2022

iamkarenvv

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Reply #1 on: Aug 21, 2022
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heyheyhey

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

mcarey591

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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