Conceptual Audit Risk
IR x CR = this risk
What is Risk of Material Misstatement?
This assertion states that the population is not missing any data
What is Completeness?
This inherent risk factor is typically high when assessing cash accounts
What is Volume?
This type of risk needs a specific audit procedure step but is not determined to be significant
What is Identified risk?
Baker Tilly used to have this type of animal as its logo
What is a bird?
The risk posed by an error or omission in a financial statement due to a factor other than a failure of internal control
What is Inherent Risk?
This assertion states that the data recorded is linked to items that exist.
What is Existence?
This inherent risk factor is typically high when assessing Deferred Tax Asset (DTA)
What is Estimation?
This significant risk states that certain individuals could ignore protocols in place that are designed to prevent fraud from occurring
What is Management Override of Controls?
This person is the CEO of Baker Tilly
Who is Alan Whitman?
RMM x DR = this risk
What is Audit Risk?
These are the 5 BT Assertions
What is Completeness, Existence, Accuracy, Valuation and Presentation & Disclosure?
This inherent risk factor would be impact the most due to Company A keeping blank signed checks in an unlocked drawer.
What is Susceptibility of theft?
This significant risk is common on insurance projects and is related to the valuation assertion
What is Uncertain estimation of reserves?
or
What is Estimation uncertainty over reserves?
Baker Tilly recently achieved what number ranking among the top accounting firms
What is 9?
Confirmation of bank accounts lowers this type of conceptual audit risk
What is Audit Risk?
Confirmations help BT to primarily test this assertion
What is Existence?
An actuary is used for certain financial areas to primarily help lower this inherent risk factor
What is Estimation?
This type of risk is required on every engagement
What is Management Override of Controls?
Baker Tilly recently changed the operating name to this in 2020
What is Baker Tilly US, LLP?
Testing a process in which an individual performs a review over key financial data can help to lower this type of risk
What is Control Risk?
Substantive analytic tests cover can cover the following assertion(s)
What is Completeness, Existence, Accuracy, Valuation and Presentation/Disclosure?
This inherent risk factor is impacted by changes in the political environment and natural environment
What is External factors?
Daily Double: The highest balance on the financial statements requires this type of risk
What is There is no requirement?
Baker Tilly as a global firm has this number of offices
What is 742?