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response to increased detection risk

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › response to increased detection risk

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 22, 2021 at 5:54 am #632466
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Which TWO of the following are appropriate responses to address the increased detection
    risk due to Veryan Co being a new audit client?
    ? Extended controls testing should be performed
    ? Obtain an understanding of Veryan Co
    ? Reduce reliance on tests of controls
    ? Contact the previous auditor to request working papers

    maam i wanted to know why “Extended controls testing should be performed” isnt one of the answers?

    in context of audit, extended means “beyond reporting date”? Or it means, as i think, “detailed”?

    and also maam if the 3rd option had been “reduce reliance on controls” then that would have been an appropriate response to increased detection risk?

    August 22, 2021 at 8:00 am #632476
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    SEE the depiction of the audit risk model in Chapter 9 – ToCs assess the operating effectiveness of controls which is the determinant of control risk which is a component of RoMM.

    This is unrelated to the increase in DR that arises because the client is NEW – i.e. we didn’t audit the opening balances of the current year’s financial statements.

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