Risk-based Auditing – NBC Institute

AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

Question

To prepare an audit strategy and an audit plan, the Auditor will need to gain an understanding of the entity and its environment in accordance with ISA 315 “Identifying and assessing the risk and material misstatement through understanding the entity and its environment”.

Required:
i) State FIVE (5) sources from which the Auditor can obtain knowledge of the industry and the organisation.

(5 marks)

ii) Identify FIVE (5) components that together make up internal controls. (5 marks)

iii) Define the concept of risk-based auditing. (3 marks)

Answer

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Tags: Audit strategy, Internal Controls, ISA 315, Risk Assessment, Risk-based Auditing
Level: Level 2

Topic: Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements
Series: MAY 2021

Question Tag: Risk-based Auditing

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AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

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Question Tag: Risk-based Auditing

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AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

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AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

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