Textbook Notes (368,611)
Canada (162,009)
MGAD10H3 (23)
Kevin Ha (16)
Chapter 4

MGAD10 Auditing - Chapter #4.docx

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Financial Accounting
Kevin Ha

MGAD10 AuditingChapter 441 Audit RiskCAS 200Audit Risk the risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated Inherent Risk susceptibility of the FS to a material misstatement without considering internal controlsoNature of the business industry and any previous experience with the clientoAssertions classes of transactions account balances and disclosuresAssertion statement made by management regarding the recognition measurement presentation and disclosure of items included in the FS and notesSignificant Risk an identified and assessed risk of material misstatement that in the auditors judgement requires special audit considerationControl Risk risk that a clients system of internal controls will not prevent or detect a material misstatementDetection Risk risk that the auditors testing procedures fail to detect a material misstatement should there be oneAR Audit RiskIR x CR x DRoie if IR and CR are high the resulting DR assessed after IR and CR will be assessed as low to bring the AR downoif detection risk is high a
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