# Chapter 5 & 6- Basics of the Audit Understand the different types of procedures (analytics, sampling, year end, interim work)-

###### Question:

Chapter 5 & 6- Basics of the Audit

Understand the different types of procedures (analytics, sampling, year end, interim work)- what they mean, being able to identify examples. (If I give you a procedure can you determine if it is an analytical procedure, work performed at interim, etc.)

Understanding the audit risk model- what it means to asses risk as high, moderate, low, or maximum. (Do you do more or less work) (If I change one part of the formula can you determine what other part of the formula changes: EX: Audit risk goes up what happens to detection risk)

Understanding the assertions and what they mean, and how different assertions can be tested for by the auditor.

Being able to match procedures with assertions. (If I give you an audit procedure can you match what assertion it addresses)

What type of procedures provide more evidence and which provide less reliable evidence.

What is the purpose of an audit- what does an audit provide comfort over and what does it not provide comfort over. (What is reasonable assurance).

Relationship between risk of material misstatement and detection risk (substantive procedures). If detection risk goes up or down- does the auditor perform more or less work)

How does the auditor use materiality during the different phases of the audit- planning, substantive, etc.

Know the definitions of audit risk, control risk, inherent risk, and detection risk.

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