1
Q
What is the formula for Audit Risk?
A
Inherent RiskControl RiskDetection Risk
2
Q
What is the formula for Risk of Material Misstatement?
A
Inherent Risk * Control Risk
3
Q
What is performance materiality?
A
When the aggregate of immaterial mistatements make up a material misstatement.
AUD
flashcards
Decks in class (31)
# Cards
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AUD-Lesson 128
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AUD-Lesson 28
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AUD-Nemonics Gradual12
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AUD-Lesson 622
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AUD-Lesson 3_GRADUAL_Internal Control Continued23
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AUD-Lesson 4_GRADUAL16
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AUD-Lesson 5_GRADUAL9
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AUD-Lesson 7 COMPILATIONS and Preparation_GRADUAL20
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SSARs-Engagments-Attest-Assurance-Reports6
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AUD-Lesson 6-Extra Report Review8
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AUD-Lesson 1 - Audit Planning3
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AUD-Lesson 3_Revenue Cycle_Audio: Internal Control Continued10
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AUD-Lesson 3_Spending Cycle_Internal Control Continued6
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AUD-Lesson 3_Payroll Cycle_Internal Control Continued6
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AUD-Lesson 8_Govt_Gradual25
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Aud-Lesson 8_Remaining9
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Flow Chart12
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AUD-Lesson 7 REVIEWS_GRADUAL12
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Government Reports Drill Down4
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Controls12
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Reports Sections4
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Trouble Nemonics6
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AUD-1 Question Review9
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Module 7 Audit Sampling22
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Module 2 - Engagement Planning3
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Module 3 - Understanding Internal Control and Assessing Control Risk18
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Internal Control Nemonics8
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Module 4 - Audit Evidence Nemonics3
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Revenue Cycle10
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Expense Cycle8
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COSO Principals5
