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In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or audit ...

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In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or audit ...

In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or 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 detection risk and the amount of evidence you would plan to gather ("planned evidence") using the terms high, medium, or low.

SITUATION
    1    2    3    4
Audit risk    Low    Low    High    High
Inherent risk    High    Low    Low    Low
Control risk    High    Low    Medium    Low
Detection risk    ________    ________    ________     ________
Planned
evidence    ________    ________    ________    ________

Textbook

Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Edition: 12^th

Authors: Arens, Elder, Beasley, Splettstoesser

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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)

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