The auditor should perform the following risk assessment procedures to obtain an understanding of the entity and its environment, including its internal control, except:Select one:a.Inquiries of the entity's external legal counsel or of valuation experts that the entity has used.b.Observation and inspection.c.Inquiries of management and others within the entity.d.Analytical procedures.

When preparing the audit plan, the auditor must ensure that they acquired significant understanding of the entity, its environment, and its internal controls.Group of answer choicesTrueFalse

The auditor should consider whether the assessment of control risk is confirmedSelect one:a.Before the final audit program is completed.b.Upon completion of understanding of internal control.c.Upon the conclusion of the audit, based on the results of substantive procedures and other audit evidence obtained.d.Upon completion of tests of controls

The auditor shall obtain an understanding of the major activities that the entity uses to monitor internal control over financial reporting, but excluding those related to those control activities relevant to the audit.Select one:TrueFalse

Understanding the business and using this information appropriately assists the auditor in, exceptSelect one:a.Planning and performing the audit effectively and efficiently.b.Evaluating audit evidence.c.Assessing risks and identifying potential problemsd.Deciding whether to do tests of controls

Refer to the components of Internal Controls. Which of the following statement is correct about risk assessment:Question 6AnswerSelect one:a.ideally should be done from the auditing perspectiveb.involves asking what could go wrong to address financial reporting risksc.is a continuous processd.all of the options are correct