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"Audit Planning"Please respond to the following: DQ #1Determine both the relationship of risks in the planning of the audit and factors that...
"Audit Planning" Please respond to the following:
DQ #1 Determine both the relationship of risks in the planning of the audit and factors that influence those risks. Speculate on which type of risk creates the most uncertainty for the auditor, and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.
DQ #2 Imagine that you are a senior auditor, and your firm has been selected to audit a medium-sized sporting goods company with one single location. Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.
DQ #3. What would be the result of an auditor lowering their preliminary judgment of materiality?
