RECENT ASSIGNMENT

AUDITING- ACC568
Assignment 2
Value 10%
Due date 20-Apr-2015
Return date 4th May-2015
Task
Create 20 objectives questions with explanation to the answer of those questions....And you should put at least five options to each questions and you should also provide answer as well as explanation to that answer....
You can create objectives questions only from the topics given below:
1. Introduction and overview of audit and assurance
2. Ethics, legal liability and client acceptance
3. Risk assessment I
4. Risk assessment II
5. Audit evidence
6. Gaining an understanding of the client’s system of internal controls
7. Sampling and overview of the risk response phase of the audit
Make sure you should make at least 2 questions from each topic given above....
Any questions that are off topic will not be marked and no marks will be awarded for that questions and answers....
Just a reminder, plagiarised materials is not acceptable. If you had copied a question from a website or another sources directly. You will be disqualified and no marks will be awarded. You must create questions and answers with your own and it should be unique...
For your help here is a sample of objective questions with answer and explanations to that answer:
Q. 1. The overall aim of the audit plan is to reduce __________ to an acceptable level.
A Inherent Risk
B. Control Risk
C. Audit Risk
D. Detection Risk
E. All of the above
Correct option is A
Explanation to the answer:
The following explanation has been provided relating to this question:
The overall aim of the audit plan is to reduce audit risk to an acceptable level (as close to nil as possible). so how we do this?

The only element the auditor has any control over is detection risk that is the level and types of procedures to be performed by the auditor.

All the other elements are either uncontrollable that is in the case of inherent risk

Or

Controlled by the client and this is in the case of control risk

So,

Audit risk = Inherent Risk x Control Risk x Detection Risk