Match each term to the phrase that describes it. . Enter the capital letter that
ID: 2473458 • Letter: M
Question
Match each term to the phrase that describes it. . Enter the capital letter that corresponds to the correct answer.
1. The possibility that a material error will occur even though the auditors are following proper audit procedures and using good judgment.
2. Evidence collection method that provides an understanding of how a particular accounting or internal control system is supposed to function.
3. Type of risk that cannot be avoided.
4. Determining why, how, when and by whom the audit will be performed.
5. Involves reperformance of procedures, audit sampling, and analytical reviews.
6. The likelihood that the control structure is flawed.
7. Evidence collection method that considers the relationships and trends among information to detect items to investigate further.
8. Evidence collection method that involves obtaining information from a third party
9. Evidence collection method that examines all supporting documents in order to determine the validity of a transaction
10. Where the findings and conclusions of an audit are documented
11. Documents the control procedures applied to each field of an input record.
12. Requires creation of fictitious vendors, employees, etc., in a company’s databases.
13. Flagged transactions are automatically displayed on an auditor’s monitor.
14. Using a verified copy of a program to analyze results and compare the output to the company’s output.
15. Uses the auditor’s created program to process client’s data and compare results.
16. An audit technique that provides a computer audit trail of all relevant processing steps applied to a specific transaction.
17. Identifies unexecuted program code.
18. A listing of transactions electronically collected during an audit.
19. Audit routines that flag suspicious transactions.
20. Computer assisted audit technique particularly suited for examining large data files to identify records in need of further scrutiny.
A. Analytical Review B. Audit Control Language C. Audit hooks D. Audit log E. Audit planning F. Collection of audit evidence G. Confirmation H. Control Risk I.Detection Risk J. Inherent Risk K. Input Control Matrix L. Integrated Test Facility N. Parallel Simulation O. Questionnaires P. Real-time Notification Q. Reprocessing R. Review of Documentation S. Snapshot T.Test Data Generator U.Tracing M.Mapping V.Vouching W.Working PapersExplanation / Answer
1.The risk that auditors and their audit procedures will not detect a material error or misstatement is called detection risk
Therefore, answer is detecion risk.
3. Type of risk that cannot be avoided is called inherent risk.
Therefore, answer isi inherent risk.
18. A listing of transactions electronically collected during an audit is called audit log.
Therefore answer is audt log.
19). Audit routines that flag suspicious transactions is caleed audit hooks.
Therefore answer is audit hooks.
10. Where the findings and conclusions of an audit are documented called working papers.
Therefore, answer is working papers
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