Problem 1: Identify and describe the two components of the risk of material misstatement.
Problem 2: Distinguish among routine, non-routine, and estimation transactions. Include an example of each.
Problem 3: Distinguish between the components of audit risk that the auditors gather evidence to assess versus the component of audit risk that they collect evidence to restrict.
Problem 4: Certain audit risks are significant in that they require special audit consideration. Describe the typical characteristics of these significant risks.
Problem 5: The definition of internal control as contained in COSO's Internal Control-Integrated Framework and the professional standards is quite broad and comprehensive.
a) Define internal control and its purpose.
b) Explain the major concepts that are included in the definition of internal control.
c) List the five components of internal control.
d) Identify the major limitations of internal control.
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