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Audit Risk and Audit Procedures

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Audit Risk and Audit Procedures

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • November 28, 2019 at 1:45 am #553960
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    Please I want to know the relationship between Auditor’s response to audit risk and Audit Procedures.

    November 28, 2019 at 6:37 am #553969
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8292
    • ☆☆☆☆☆

    Look at the overview on page 47 at the beginning of Chapter 8 – audit risk is assessed at the planning stage. Auditor’s response is how the auditor plans to respond to the assessed risk. Audit procedures are then what the auditor does to gather audit evidence as the basis for the audit opinion.
    If ROMM is assessed as high (see the bottom of page 54) the auditor must plan more audit procedures to reduce detection risk (see page 55).
    The auditor’s response is, if you like, the auditor’s intent – how the auditor plans to deal with the risk.

    There are numerous responses to questions on the difference between “response” and “procedures” in the context of the AA exam on this forum – e.g. this one https://opentuition.com/topic/audit-risk-53/

    November 28, 2019 at 3:35 pm #554040
    auguechampion
    Participant
    • Topics: 9
    • Replies: 15
    • ☆

    Thank you Sir.

    November 28, 2019 at 4:24 pm #554047
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8292
    • ☆☆☆☆☆

    You’re welcome!

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    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Audit Risk and Audit Procedures’ is closed to new replies.

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