Question 1:
List and describe four assertions about classes of transactions and events for period under audit.
Question 2:
How do control risk and inherent risk distinct from detection risk?
Question 3:
Make a distinction between errors and fraud. Provide one example of each.
Question 4:
List and briefly illustrate the three (3) major steps in applying materiality to the audit.
Question 5:
What are the five (5) inter-related components of internal control? In brief discuss them.