1. Define what is meant by inherent risk. Identify the factors that make for high inherent risk in audits. Provide some examples.
2. Define the control risk and the basis of its assessment.
3. Why is it inappropriate to apply the audit risk model to business risk?
4. Define auditors’ responses to material misstatements and assessed risk.
5. Define the ‘occurrence risk’ in the context of the audit risk model.
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