Reponse to Audit Risk (Exam Style)

Question 1

I need to explain (enquiries)

Answer 1

The types of enquiries the auditor should make and to whom

Question 2

I need to explain (documentation)

Answer 2

The information/documentation they would require

Question 3

I need to explain (correspondence)

Answer 3

Correspondence they should review

Question 4

I need to explain (materiality)

Answer 4

The impact on the level of materiality

Question 5

I need to explain (testing)

Answer 5

The type of testing they should perform

Question 6

I need to explain (calculation)

Answer 6

Calculaitons they would do/re-perform

Question 7

I need to explain (asset)

Answer 7

Assets they should inspect

Question 8

What should I not do?

Answer 8

Learn a list of responses as each risk will depend on the particular circumstances of the audit client and the environment in which it operates