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IN THE AUDIT RISK QUESTION,
WHAT IS THE EXAMINER LOOKING FOR? ABOUT THE AUDITOR`S RESPONSE TO RISK??Identify where the risks are then say how you would counter those risks.
So, if the client was a jeweller, inventory is a big audit risk (it takes an expert to value diamonds and they are easily concealed and stolen) so the auditor would have to do a lot of audit work on inventory.
If the client was a cash-based business then there is a high risk that cash is wrong so more work has to be performed on cash procedures.
so am i right to conclude that audit response to audit risk is all about audit procedures???
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