Acct 400 Auditing and Assurance Services Week 5: Substantive Procedures and the Financial Statement Audit
Question;Week 5: Substantive Procedures and the Financial Statement;Audit;Imagine that you are a new auditor scheduled on a year-end;audit engagement. Your senior has;instructed you to test the Accounts Receivable account. The account is large and contains many;customer balances, so you have been instructed to use sampling techniques for;your testing.;Required;1 - Describe the audit risk model explaining the;relationships of tests of details of balances detection risk and analytical;procedures detection risk.;2 - What is the detection risk related to your task of;auditing Accounts Receivable?;3 - Does the risk of incorrectly rejecting the Accounts;Receivable balance affect your audit risk when using the audit risk model? What negative impact does incorrect rejection;have on the audit?
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