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Week 2: Risk, Error And Audit Process

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Week 2: risk, error and audit process. Short and concise notes. Easy to understand

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7 Pages Partial Study Notes 1-2 Years old
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Week 2: Risk, Error And Audit Process
Topics this document covers:
Business economics Accounting Business Auditing Materiality Audit Information technology audit Management assertions Going concern Internal control Financial audit International Standards on Auditing
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Business economics Accounting Business Auditing Materiality Audit Information technology audit Management assertions Going concern Internal control Financial audit International Standards on Auditing
Sample Text:
Audit aims to reduce audit risk to acceptable level Engagement Risk: risk of negative consequences if the wrong audit opinion is given • eg legal action – damages/loss ability to conduct audit & loss of reputation. • The lower audit risk, the lower engagement risk. Risk and Cost Trade-off (benefits): • Reducing audit risk will reduce engagement risk and cost associated with it • eg Cost more money (staff cost) to conduct better audit Audit Efficiency and Risk Based Auditing: • Risk based Auditing Approach (ASA...
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