Write a 350-to 525-word analysis of your findings. Note that these ratios are found in the Common Financial Ratios section of Chapter 8. Section 3, Materiality and Risk The senior partner wants to confirm your understanding of key concepts. Summarize each concept 90-175-words each. • Materiality • Misstatement • Audit Risk • Audit Risk Model • Inherent Risk • Relationship of Risk to Audit Evidence Section 4, Audit Tests The reading in Chapter 13 (p. 402-407) describes five types of audit tests of financial statements: (1) Risk Assessment Procedures (2) Test of Controls (3) Substantive Tests of Transactions (4) Analytical Procedures (5) Tests of Details of Balances. In 350- to 700-words: Identify which tests are best suited for the company you selected and why. Explain why some tests are not suitable.
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