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Comptronix Company Case 5. 2

 Comptronix Company Case 4. 2 Dissertation

1 . The audit risk model consists of four dangers. The organized detection risk is a element of inherent risk, control risk, and acceptable review risk. Designed detection risk is the risk the auditor fails to discover misstatements and can increase or perhaps decrease influenced by the level of risk in the additional three factors. If the auditor determines it truly is expected that misstatements is extremely likely than inherent risk increases and create a bigger demand for data. As similar with control risk, the weaker the internal controls the bigger the prepared detection risk will be. Suitable audit risk on the other hand the bottom the risk the lesser quantity of evidence will be needed.

2 . The moment assessing natural audit risk, auditors will certainly consider the integrity and attitude of management, influential personalities more likely to have vested interest, management experience and knowledge of the finance staff, and the level of pressure managing is beneath to perform. Throughout the audits of Comptronix the factors i think were present to indicate a high inherent audit risk is mainly the influence from the three market leaders with a significant vested curiosity. Not only performed they have a significant amount of stock inside the company we were holding also the founders with probable pressure to keep the organization strong in fear of inability.

3. The five aspects of internal control are the control environment, risk assessment, control activities, information and communication, and monitoring. The control environment is the awareness of the controls from the people in the organization. Risk assessment is definitely the company's id, analysis, and management of risk in the preparation from the financial claims. Control activities are the business policies and procedures to address any potential risk. Info and communication focuses on the systems utilized for creation from the financial claims and the conversation of the outputs. Monitoring may be the process in which the organization...

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