Task: These all need to be based on the United States
Problem 1) Explain the three steps associated with assessing the risk of material misstatement
Problem 2) How would the auditor change the audit strategy if a risk is a financial statement level risk versus an assertion level risk?
Problem 3) What is a substantive test and what is its purpose?
Problem 4) What are the advantages and disadvantages of using analytical procedures as substantive tests?
Problem 5) Explain a situation where the concepts of audit sampling do not apply to substantive tests