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minaebied minaebied
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A year ago
In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or acceptable audit risk. It is more common to assess these risks as high, medium, or low. For each of the four situations below, fill in the blanks for planned detection risk and the amount of evidence you would plan to gather ("planned evidence") using the terms high, medium, or low.



Acceptable audit risk
Inherent risk
Control risk
Planned detection risk
Planned evidence
​		SITUATION
1
Low
High
High
________
________
​		SITUATION
2
Low
Low
Low
________
________
​		SITUATION
3
High
Low
Medium
________
________
​		SITUATION
4
High
Low
Low
________
________
​
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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goodone14goodone14
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A year ago
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minaebied Author
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A year ago
This site is awesome
dianeflunder
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Good timing, thanks!
Jodias
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2 hours ago
Correct Slight Smile TY
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