problem 1:

List and describe four assertions about classes of transactions and events for period under audit.

problem 2:

How do control risk and inherent risk distinct from detection risk?

problem 3:

Make a distinction between errors and fraud. Provide one ex of each.

problem 4:

List and briefly illustrate the three (3) major steps in applying materiality to the audit.

problem 5:

What are the five (5) inter-related components of internal control? In brief discuss them.