10 May EXPLAIN THE MEANING OF THE TERM AUDIT RISK ASSESSMENT.
1. Discuss what the term audit evidence means and explain the need for audit evidence. Explain what sufficiency means in terms of audit evidence. Explain what appropriateness including relevance and reliability mean in terms of audit evidence. 2. What does trust but verify mean in regard to audit evidence? Explain how audit evidence is verified. Discuss audit evidence gathering procedures.3. What is the nature and rationale for audit documentation? Explain the structure of audit documentation. Give an example of audit documentation.4. Discuss materiality different levels of materiality and bases for setting materiality.5. Explain the meaning of the term audit risk assessment. Explain the structure and use of the audit risk model.
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