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Junior Auditor interview Questions ( CONTROLLER GENERAL OF ACCOUNTS)

Important question related junior Auditor interview 1) Accounting Cycle 2) What is balance sheet 3) Define Budget  4) bank overdraft  5) income Statement  6) financial Statement  7) Current Asset  8) Fixed Assed  9) Nominal Account  10)CASHBOOK  11) Bank Reconciliation Statement 12)Debit and Credit ____________________________________________________________________________________

Main Type of Audit Risk

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 Which Three Types of Audit Risk Exist? Audit risk can be divided into three categories: inherent risk, detection risk, and control risk. 1) Inherent Risk: The risk created by a financial statement inaccuracy or omission caused by something other than an internal control failure is known as inherent risk. When a transaction is complex or there are special conditions that call for a high level of financial estimation judgment, the chance of inherent risk in a financial audit rises. This type of risk indicates the worst possible scenario because all internal controls have nonetheless proved ineffectual. 2) Detection Risk: The risk of detection is the likelihood that an auditor may miss significant inaccuracies in the financial statements of a business. These false remarks could be the result of fraud or mistake. Audit processes are used by auditors to find these inaccuracies. However, some discovery risk will always remain due to the nature of audit techniques. For instance, because it i