The risk analysis process involves all of the following steps EXCEPT:
A) Identifying auditable activities (e.g. programs, accounts, contracts, transactions)
B) Identifying relevant risk factors (e.g. Complexity of programs, size of program, adequacy of internal control system)
C) Prioritizing Risks
D) Determine the need for external assistance of outsourcing
Correct Answer:
Verified
Q32: Data gathering and evaluation during field work
Q33: The major benefit of risk assessment is:
A)
Q34: Carefully crafted audit objectives are important BECAUSE:
A)
Q35: Which of the following is NOT included
Q36: If principal is paid on a loan
Q38: Considerations for determining required audit resources include:
A)
Q39: Audit evidence:
A) Is sufficient when it is
Q40: Entrance Conference- The entrance conference may be
Q41: Some small businesses keep funds in a
Q42: Financial institutions regularly identify uncollectible accounts and
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