- •6.050106 “Облік і аудит” для студентів іі курсу
- •6.050106 “Облік і аудит” для студентів іі курсу
- •Передмова
- •Lesson 1 the reading module
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Such as; also; of; about; for.
- •Lesson 2 the reading module
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •About; of; in; with; in accordance; of.
- •Lesson 3 the reading module Read the text: What is an audit?
- •What an Auditor Does
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •To; of; as a whole; to; of; as to.
- •Lesson 4 the reading module
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Who; from; of; who; to; and.
- •Lesson 5 the reading module
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Of; with; and; of; and
- •Lesson 6 the reading module
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises
- •The writing module
- •III. Writing exercises:
- •In; of; on; in order to; by
- •Lesson 7 the reading module Read the text: Concept of audit risk
- •Audit risk concepts
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Of; as; always; except for; and; in; due to; of; of.
- •Lesson 8
- •The reading module
- •Read the text: Components of audit risk. Audit risk model
- •Components of audit risk
- •Audit risk model
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Lesson 9 the reading module
- •Audit stages
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Lesson 10 the reading module Read the text: Concept of cognitive decision making
- •Audit activities
- •I. Reading Exercises:
- •The speaking module
- •II. Speaking Exercises:
- •The writing module
- •III. Writing exercises:
- •Of; as; in; to; set of; with; of; in
I. Reading Exercises:
Exercise 1. Read and memorize using a dictionary:
audit risk, are referred to, inherent risk, detection risk, perceived level, occur, underlying levels, aggregation, unaudited financial statements, be detected, risk of material misstatement, auditors evaluate risk components, moderate, precise probabilities, to be borne, is applied, determine, distinct concepts, acceptable level, achievable level, is estimated, achievable audit risk, ex ante value. |
Exercise 2. Answer the questions:
1) What is inherent risk?
2) What is control risk?
3) What is detection risk?
4) What is a material misstatement?
5) What are two distinct concepts of audit risk?
Exercise 3. Match the left part with the right:
1. The acceptable level of audit risk is |
a) by reference to the expected reliance on the audited financial statements. |
2. The achievable level of audit risk is |
b) the risk of a material financial statement misstatement that is acceptable to the auditor. |
3. The acceptable audit risk is estimated |
c) by reference to the ex ante value of the components of the audit risk model. |
4. The achievable audit risk is estimated |
d) the risk the audited financial statements will contain a material misstatement. |
Exercise 4. Open brackets choosing the right words:
Before evaluating audit risk or its components, auditors first (show/determine) what they (like/consider) to be a material misstatement. Obviously, the likelihood of a material misstatement appearing in the audited financial statements of an entity (approves/depends) on the value of a material misstatement.
The speaking module
II. Speaking Exercises:
Exercise 1. Describe the three components of audit risk; audit risk [AR]; the aim of an auditor using the suggested words and expressions:
the three components of audit risk are referred to, inherent risk, detection risk
|
audit risk [AR] ex ante concept, is referred to, achievable level, ex post concept, achieved level
|
the aim of an auditor to achieve, acceptable level, level of audit risk, is acceptable, auditor
|
Exercise 2. Ask questions to the given answers:
1) Question: ___________________________________________ ?
Answer: DR, detection risk, is the perceived level of risk that a material misstatement in the client's unaudited financial statements, or underlying levels of aggregation, will not be detected by the auditor.
2) Question: ___________________________________________ ?
Answer: The product of inherent and control risk is referred to as the risk of material misstatement and is equal to 56%.
3) Question: ___________________________________________ ?
Answer: It is only after determining the value of reporting materiality that an auditor is able to evaluate whether audit risk is, for example, LOW, MODERATE or HIGH.