Audit Risk Example Phrases Flashcards
(5 cards)
1
Q
new acquisition
A
valuation & disclosure risk –> examine acquisition agreements
2
Q
staff turnover
A
completeness & accuracy risk –> perform reconciliations
3
Q
old plant closure
A
valuation risk –> test asset disposals and provisions
4
Q
increased aged debtors
A
valuation risk –> test AR ageing and subsequent receipts
5
Q
delayed monthly reporting
A
accuracy risk –> test completeness and cut-off
