Multiple Choice
When the risk of material misstatement for an assertion is high, the auditors_______.
A) must gather less reliable and persuasive evidence
B) must gather more reliable and persuasive evidence
C) should not attempt to audit this assertion
D) should consider allowing the internal audit function to audit this assertion
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Assertions about account balances at year-end typically
Q12: One method of selecting specific items from
Q13: The use of analytical procedures _.<br>A)is optional
Q14: An auditor mailing positive confirmations is an
Q15: The term "substantive" comes from _.<br>A)"substantiate," which
Q17: In general, accounting estimates with a high
Q18: The amount of estimation uncertainty is affected
Q19: AU-C Section 450 Evaluation of Misstatements Identified
Q20: An audit strategy is developed _.<br>A)in response
Q21: A factor that auditors consider when determining