Reference no: EM132779747

Problem 1: Which of the following is not a consideration in the planning phase of the audit?

Select one:

Option 1: Considering audit risk.

Option 2: Assessing competence to perform the audit.

Option 3: Obtaining an understanding of the entity's business and industry.

Option 4: Making preliminary judgements about materiality levels.

Problem 2: Which of these would be considered a limitation of internal controls?

Select one:

Option 1: Internal control systems focus on routine transactions.

Option 2: Management participating in the supervision of operations.

Option 3: They compare actual performance with budgeted performance.

Option 4: All of the options