Multiple Choice
In addition to representing an assessment of whether a client's internal control is effective for preventing or detecting misstatements,control risk also represents the
A) reliability of management in preventing or detecting fraud.
B) auditor's intention to rely on internal controls.
C) likelihood that the auditor will detect illegal acts.
D) possibility of collusion occurring between two employees.
Correct Answer:
Verified
Correct Answer:
Verified
Q40: Acceptable audit risk is ordinarily set by
Q41: In practice,auditors rarely assign numerical probabilities to
Q42: What is a nonroutine transaction,and give two
Q43: The risk that an auditor's procedures will
Q44: When inherent risk is assessed as higher
Q46: Significant risk often relates to<br>A)low-dollar-value transactions.<br>B)simple transactions.<br>C)routine
Q47: An important role of inherent risk assessment
Q48: Which of the following describes the components
Q49: If detection risk is reduced,the amount of
Q50: You generally consider your audit client's management