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R10.11 What influences the auditor's assessment of expected misstatement in the population?

R10.11 What influences the auditor's assessment of expected misstatement in the population?

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Answer #1

What influences the auditor's assessment of expected misstatement in the population?

  • When the population constitutes a small number of large value items.
  • When there is a significant risk and other means do not provide sufficient appropriate audit evidence; or
  • When the repetitive nature of a calculation or other process performed automatically by an information system makes a 100% examination cost effective.
  • Auditor’s understanding of the business, in particular, risk assessment procedures undertaken to obtain an understanding of internal control.
  • Changes in personnel or in internal controls.
  • The results of audit procedures applied in prior periods and
  • The results of other audit procedures.
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