Using the Audit Risk Model, what are the risks involved in the model and what relationship does each risk in the model have with planned audit evidence (Inverse or Direct)?
What will be an ideal response?
| Risks | Relationship with Planned Audit Evidence | |
| a. Acceptable Audit Risk | Inverse | |
| b. Inherent Risk | Direct | |
| c. Control Risk | Direct | |
| d. Planned Detection Risk | Inverse | |
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Indicate whether the statement is true or false
What are the three general heuristics that are used to simplify decision-making?
What will be an ideal response?