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mrtrombley92 mrtrombley92
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A year ago
When determining tolerable exception rate (TER),

▸ the auditor considers the degree of reliance to be placed on the control and the significance of the control to the audit.

▸ if only one internal control is used to support a low control risk assessment for an objective, TER will be higher for the attribute than if multiple controls are used to support a low control risk assessment for the same objective.

▸ control deviations increase both the risk of material misstatements in the accounting record, and will always result in misstatements.

▸ a smaller sample size is needed for a low TER than for a high TER.
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Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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lpantslpants
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A year ago
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