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Attributes: Creates a reasonable possibility a material misstatement will not be detected. Follow a transaction...

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Accounting

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Attributes:

Creates a reasonable possibility a material misstatement will not be detected.

Follow a transaction through the system.

GAAP

GAAS

Inquire, inspect, observe, reperform

Inquiries, analytical procedures, observation

Likelihood a misstatement will not be prevented or detected

Likelihood auditor's procedures will not detect a material misstatement

Likelihood of misstatement assuming no controls

Merits attention, less than a material weakness

Relevant assertions

Reporting on internal control and financial statements

Reporting on internal control and service providers

Risk tolerance of an average financial statement user

Substantive procedures and test of controls

Test of controls and planning

User auditor

Select each of the following terms with the appropriate attributes. No reply is used more than once. Attributes Term 1. Integrated audit 2. Significant deficiency 3. Further audit procedures 4. Risk assessment procedures 5. Inherent risk

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