what is inherent risksusceptibility of
What is Inherent risk
Susceptibility of an account balance or class of transactions to material misstatement either individually or when aggregated with misstatement in other classes or balances , irrespective of related internal controls.
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walk-through tests - auditorbull walk-through tests -that is tracing one or more transactions by accounting system and observing application of
discuss about the materialityan item can be considered material if its omission would reasonably influence the decisions of an addressee of report a
what are the material items are carried outmaterial items would have an impact on audit tests carried out for illustration compliance based testing
determine the calculation of materialityfor exampleturnover 1 -15net assets 1 -2net profit 2 -6whatever numbers are selected they would be based on
what is inherent risksusceptibility of an account balance or class of transactions to material
at entity level - inherent risk integrity of management managements experience and knowledge over reliance on key customers unusual pressures on
account balance - inherent risk at account balance class of transaction level balances susceptible to misstatement history of errors complexity of
what is control riskthat material misstatement could take place and not be detected or prevented on a timely basis by accounting and internal control
state about the detection riskthis is the risk that auditors substantive procedures dont detect a material misstatement in an account balance or
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