At 13 risk assesment

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Page 1 of 7CPA REVIEW SCHOOL OF THE PHILIPPINESManilaAUDITING THEORYRisk Assessment and Response to Assessed RisksRelated PSAs: PSA 400, 315 and 3301. Which of the following is correct statement?a. The auditor should use professional judgment to assess audit risk and to design auditprocedures to ensure it is eliminated.b. The auditor is an insurer, and his or her report constitutes a guarantee.c. The subsequent discovery that a material misstatement exists in the financial statements isevidence of inadequate planning, performance, or judgment on the part of the auditor.d. The auditor should obtain an understanding of the accounting and internal control systemssufficient to plan the audit and develop an effective audit approach.2. According to PSA 400 – Risk Assessments and Internal Control, audit risk meansa. The susceptibility of an account balance or class of transactions to misstatement that couldbe material, individually or when aggregated with misstatements in other balances orclasses, assuming that there were no related internal controls.b. The risk that a misstatement, that could occur in an account balance or class oftransactions and that could be material, individually or when aggregated with misstatementsin other balances or classes, will not be prevented or detected and corrected on a timelybasis by the accounting and internal control systems.c. The risk that an auditor’s substantive procedures will not detect a misstatement that exists… Purchase document to see full attachment

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