In practice, auditors rarely assign numerical probabilities to inherent risk, control risk, or acceptable audit risk. It is more common to assess these risks as high, medium, or low

For each of the four situations below, fill in the blanks for planned detection risk and the amount of evidence you would plan to gather ("planned evidence") using the terms high, medium, or low.

Acceptable audit risk
Inherent risk
Control risk
Planned detection risk
Planned evidence
SITUATION
1
Low
High
High
________
________
SITUATION
2
Low
Low
Low
________
________
SITUATION
3
High
Low
Medium
________
________
SITUATION
4
High
Low
Low
________
________

Fill in the blanks with correct word

1. low, high
2. medium, medium
3. medium, medium
4. high, low