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Auditor's Responsibility, Detection risk matrix - Coggle Diagram
Auditor's Responsibility
High quality audit
Professional Judgement
Reduce audit risk
Appropriate evidence
Sufficient evidence
Professional Skepticism
Transaction Assertions
Accuracy $$
Cut off (correct period)
Completeness
Classification (DR/CR)
Occurance
Presentation
Balance Assertions
Completeness
Accuracy, valuation and allocation
Rights and obligations (Own/Lease)
Classification (Dr/Cr)
Existence
Presentation (in fin statements)
Audit Risk (of being sued)
Control Risk (internal controls)
Detection Risk (Audit process)
Inherent Risk (Client)
Detection risk matrix
DR=Audit risk/Inherent risk*Control risk
