2 ParagraphsAPA Formatted ReferencesDepending on the results of their tests of control, the auditors...

Question

2 ParagraphsAPA Formatted ReferencesDepending on the results of their tests of control, the auditors may restrict 
substitutive procedures.

Discuss and contrast the following concepts:

the planned assessment of control risk
the revised assessment of the risk after tests of controls have been 
performed
In your own words, please post a response to the Discussion Board and 
comment on at least 2 other postings. You will be graded on the quality of your 
postings.
The following rubric will be used for grading:

Grading Rubric

45%

Discuss and contrast the concepts of the planned assessment of control risk.

45%

Discuss and contrast the concepts of the revised assessment of the risk after 
tests of controls have been performed.

Robert · Accepted Answer

Control risk is the risk of material misstatement that exists in the assertion because this 
misstatement was not both detected and modified by the internal control system and also not 
prevented from entering. Managing the control risk i.e. of the internal control system is the sole 
responsibility of management.  Risk of material misstatement contains two types of risk control 
risk and inherent risk. To minimize the inherent risk is the responsibility of management which is 
to be done by executing internal control system. Internal control system will not always prevent, 
detect and correct the misstatements on time;

Grading Rubric
45%	Discuss and contrast the concepts of the planned assessment of control risk.
45%	Discuss and contrast the concepts of the revised assessment of the risk after tests of controls have been performed.

2 ParagraphsAPA Formatted References Depending on the results of their tests of control, the auditors may restrict substitutive procedures. Discuss and contrast the following concepts: the planned...

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