39. The ___________ declares that no material assets, equities, or transactions have been omitted from the financial statements.40. The ____________ states that assets and equities are valued in accordance with generally accepted accounting principles and that allocated amounts such as depreciation expense are calculated on a systematic and rational basis.41. The __________ maintains that assets appearing on the balance sheet are owned by the entity and that the liabilities reported are obligations.42. _________are engagements in which a practitioner is engaged to issue, or does issue, a written communication that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party, e.g., the financial statements prepared by an organization.43. _________ are used by the auditor to measure the strength of the internal control structure. The stronger the internal controls, the lower the control risk.44. _________ include controls over IT governance, the IT infrastructure, security and access to operating systems and databases, application acquisition and development, and program changes.45. _________ is associated with the unique characteristics of the business itself; 46. _________ is the likelihood that the control structure is flawed because controls are absent or inadequate;47. ________ is the risk that auditors are willing to take that errors will not be detected by the audit.48. __________ is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. 49. ___________ is often called "independent auditing" because it is done by certified public accountants who are independent of the organization being audited50. The stronger the internal controls, the less _____________ must be performed.1.PRESENTATION AND DISCLOSURE2.EXISTENCE OR OCCURRENCE3. COMPLETENESS4.ALLOCATION OR VALUATION5.RIGHTS AND OBLIGATION6.ATTEST SERVICE7.TEST OF CONTROLS8.GENERAL CONTROLS9.INHERENT RISK10.CONTROL RISK11.DETECTION RISK12.INTERNAL AUDITING13.FINANCIAL AUDIT14.SUBSTANTIVE TESTING
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- risk-based audit approach