Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Risk Assessment
02-23-2005, 08:35 AM,
#1
Risk Assessment
AOA

Dear friends

question is that why when detection risk is determined at low level, sample size of substantive procedures would be large?

There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
Reply
02-23-2005, 07:42 PM,
#2
 
Detection risk is the risk that auditor substantive procedure will not detect a misstatement that exists in the account balance or class of transaction that could be material, individually or when aggregated with misstatements in other balances or classes.

Level of detection risk relates the level of substantive procedures. The auditors control risk assessment, together with inherent risk assessment influences the nature timing and extent of substantive tests to be performed. To reduce detection risk and there fore audit risk.

There is an inverse relationship between detection risk and combined level of inherent and control risk. For example when inherent and control risk are high acceptable detection risk needs to be low to reduce audit risk to an acceptably low level.


---------------------------------------------
If I could... Then I would... Turn back time!!
Reply
02-24-2005, 12:01 AM,
#3
 
AOA

Desert sleep has elaborated ur pont very well, I would like to add few words. Your question is itself illogical. You said "when detection risk is determined at low"; dear brother detection risk is not determined rather inherent n control risks are determined first and on the results of assessment of inherent and control risk, auditor considers to accept detection risk at high or low level, to reduce audit risk to acceptably low level.
When the auditor considers to accept detection risk at low level (when inherent and control risk is high), auditor will need to increase the simple size inorder to fulfill his requirement (i.e acceptable low detection risk) and vice versa.

ICAP is the best.
Reply
02-24-2005, 12:48 AM,
#4
 
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Ali Akbar</i>
<br />AOA

Desert sleep has elaborated ur pont very well, ICAP is the best.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Emphasis on Desert <b>Sleep</b>

Hey Ali how did you discovered it. Here the word Sleep really fits in with my personality, although i never thought about it before.[8D]

I have always been a night person. It always has been very difficult for me to fall asleep at night. Because I can't fall asleep at a decent time, it is very hard for me to wake up in the morning. Because I don't want to toss and turn for hours in bed, I usually stay up till I am really sleepy. As a result, I end up staying up till 9am these days. I wonder if there's something wrong with my internal clock. It seems like my sleep cycle gets pushed ahead an hour or two every day. Maybe it'll go back to wher it's supposed to be in a few weeks. Does anyone have the same problem?

If only there was money in being an Insomniac....I'd be raking it in by now [D]


---------------------------------------------
If I could... Then I would... Turn back time!!
Reply
02-24-2005, 07:11 AM,
#5
 
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Desert Sleet</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Ali Akbar</i>
<br />AOA

Desert sleep has elaborated ur pont very well, ICAP is the best.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Emphasis on Desert <b>Sleep</b>

Hey Ali how did you discovered it. Here the word Sleep really fits in with my personality, although i never thought about it before.[8D]

I have always been a night person. It always has been very difficult for me to fall asleep at night. Because I can't fall asleep at a decent time, it is very hard for me to wake up in the morning. Because I don't want to toss and turn for hours in bed, I usually stay up till I am really sleepy. As a result, I end up staying up till 9am these days. I wonder if there's something wrong with my internal clock. It seems like my sleep cycle gets pushed ahead an hour or two every day. Maybe it'll go back to wher it's supposed to be in a few weeks. Does anyone have the same problem?

If only there was money in being an Insomniac....I'd be raking it in by now [D]


---------------------------------------------
If I could... Then I would... Turn back time!!

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
hi...DESERT SLEET...
I HAVE quite a similar problem...
i think it happens due to WORK LOAD as, few days back,
i was more than busy at my PRESS.
when i'm home late, i spend much time with my PC, till its fajar when i offer prayers and listen to some TILAWAT along some TRANSLATION, then 4-5 HRS in my bed.
and as long as i'm free now, i daily sleep about 9-1000 AM these days,after spending time with my PC and TV
as i lost my daily routine due to bulk of work last week.
cheers...

ACCA
Reply
02-24-2005, 07:34 AM,
#6
 
AOA

Desert Sleet i also have this problem that i cant sleep at night and in the morning although i work all the day but in the state of sleepiness........ and after evening my eyes are all open and i am well awaked and dont know why it happens...............

There is a will. There is a way.
www.sarfraz.cjb.net
0333-4502662
Reply
02-24-2005, 07:49 PM,
#7
 
It sounds like circadian rhythm disorder. I'm the same way a night owl. If you catch it in time, certain medications and techniques can help regulate your internal clock. If you aren't already taking medication, don't start now. I don't know the specifics, but there are a lot of books available to help you re-set my/your clock. The key is discipline. Go to bed and get up at the same time everyday. Don't take naps during the day no matter how tired you are. If that fails, see a doctor for advice. I wish everyone lots of luck.



---------------------------------------------
If I could... Then I would... Turn back time!!
Reply
02-25-2005, 08:27 AM,
#8
 
u guys all should join Insomniacs Anonymous, but then who needs that when you can spit out your woes over here! [D]

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)

Contact Us | Accountancy | Return to Top | | Lite (Archive) Mode | RSS Syndication