Audit Risks Discussion

Learning Outcomes Achieved (upon Completion)

1. Understand the different audit risk

2. Conduct the different audit test such as test of control and substantive test.

3. Know about the verification and valuation of assets and liabilities that should be observed in financial statements.

Questions:

1. a) Write the importance of understanding and application of Audit risk in business.

b) Evaluate the Analytical procedure and Tests of control (Details) process followed for Purchases and Purchases returns, Depreciation, Payroll and Inventory.

2.a) Differentiate between Management assertions and Audit objectives. Any Two.

b) Describe the procedure to be followed for the Verification and Valuation of Account Receivables and Long-term loans of any entity in Sultanate of Oman.

*** Number of Pages = 3-4 pages

*** In-Text Citations and Referencing using Harvard style.