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PALP Week 7

Authored by Lim Xuan Zhe

Business

University

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PALP Week 7
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10 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Describe the risks that can be controlled by the auditor

Audit Risk

Inherent Risk

Control Risk

Detection Risk

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which audit test is done during the planning phase?

Test of control

Substantive testing

Test of detail

Risk assessment Procedures

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Risk assessment Procedures include all except for:

Inspection

Observation

Inquiries

Reperformance

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The risk of material misstatement occuring in an account, assuming an absence of internal control, is referred to as:

Control Risk

Detection Risk

Inherent Risk

Audit Risk

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Audit risk is typically considered and assessed:

At the assertion level

At the account balance level

For the Financial Statement as a whole

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Auditors are required to have sufficient evidence to reduce audit risk

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When RMM is high, the auditor should

Adjust DR to be lower and do less substantive procedures

Adjust DR to be higher and do more substantive Procedures

Adjust DR to be higher and do less substantive procedures

Adjust DR to be lower and do more substantive procedures

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