Answer the following question
1- 1- How do auditors use the audit risk model to determine how much work they will perform on the audit? Provide a description of each component of the risk model and how changes in the values for each component may affect the auditor’s level of effort in the audit.
2- 2 – The auditing profession has struggled with materiality for a long time. Do you think the auditor is better off if a specific percentage for materiality is specified in auditing standards? Or is it better left to the auditor’s judgment? What are the pros and cons of either policy on auditors, users, and the client?
3- 3 – SOX focused the auditors’ and users’ attention on internal control. Was SOX correct in identifying internal control as the solution to management fraud? Are the additional requirements to report separately on internal control necessary? Will these requirements make the auditor more focused on internal control than before?
4- 4 – The book explains that there are several methods to understand and document internal control such as questionnaires, flowcharts, and narratives. When should each of these methods be used? Do you see a benefit of using one of these methods over the others? Why? Which one would you prefer as an auditor?
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