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L10 Notes_Part_5 - Achieved Level of Assurance Audit A...

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Types of Evidence Identify two types of evidence which would be most useful in auditing the following assertions? Physical existence of inventory Accuracy of accounts receivable Ownership of fixed assets Liability for accounts payable Obsolescence of inventory Existence of petty cash
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Levels of Assurance
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Unformatted text preview: Achieved Level of Assurance Audit A Audit B Audit C Audit D Assessed CR including Tests of Controls 30% -- 30% 45% Substantive Tests of Transactions 15% 25% 16% 20% Analytical Procedures 30% 10% 30% 30% Tests of Details of Balances 22% 62% 23% 0% Total 97% 97% 99% 95% Achieved Audit Risk 3% 3% 1% 5%...
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