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This pack of ACC 490 Week 2 DQs shows the solutions to the following problems:

DQ1: What is the purpose of engagement planning? What critical information should the auditor consider during engagement planning? How will this information affect the scope of the audit?

DQ2: What are the components of the audit risk model? How does the audit risk model affect an audit plan?

DQ3: The third generally accepted standard of audit fieldwork requires that auditors obtain sufficient, competent audit evidence to afford a reasonable basis for an opinion regarding the financial statements under examination. In considering what constitutes sufficient, competent audit evidence, a distinction should be made between underlying accounting data and all corroborating information available to the auditor. What presumptions can be made about the following?

– The relative competence of evidence obtained from external and internal sources.

– The role of internal control with respect to internal evidence produced by a client’s data processing system.

The relative persuasiveness of auditor observation and recalculation evidence compared to external, external-internal, and internal documentary evidence.