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- Generally, which of the following audit procedures is the least expensive to perform? A. Analytical procedures B. Tests of details of balance C. Substantive tests of transactions D. Tests of controls E. Risk assessment procedureGenerally, which of the following audit procedures is the least expensive to perform? A. Analytical procedures B. Tests of details of balance C. Substantive tests of transactions D. Tests of controls E. Risk assessment procedures25) Identify, which of the following will be included in different types of review engagements A. Risk assessment reports B. Review of internal controls C. System reliability reports D. Value for money reviews A , B , C and D Both D and C Both A and B Only A
- Performance audits usually include [two answers]a. Financial audits.b. Economy and efficiency audits.c. Compliance audits.d. Program auditsWhich of the following is appropriate about risk assessment? A. The assessed level of inherent and control risk can be sufficiently low, thus resulting to eliminating the need for substantive tests. B. Audit risk may be more effectively determined by assessing inherent and control risk separately. C. Detection risk is eliminated if an auditor were to examine 100 percent off the account balance or class of transactions. D. There is an iverse relationship between detection risk and the combined level of inherent and control risk2. How do you measure risk in an audit engagement?
- Deliberate in detail two (2) main shortcomings that HCSB may encounter in using the non-financial performance measurement system.Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account Receivable confirmations d. Inspection of Documents e. Inquiry of Internal AuditorsThe risk associated with inefficient use of inputs or over-provision of services is ⚫ A. An actuarial risk • B. A utilization risk⚫ C. A cost risk. D. A financial risk