Multiple Choice
Inherent risk and control risk differ from detection risk in which of the following ways?
A) Inherent risk and control risk are calculated by the client.
B) Inherent risk and control risk exist independently of the audit.
C) Inherent risk and control risk are controlled by the auditor.
D) Inherent risk and control risk exist as a result of the auditor's judgment about materiality.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: This question tests your ability to perceive
Q12: The acceptable level of detection risk is
Q13: Items 1 through 6 represent an auditor's
Q14: When determining the inherent risk related to
Q15: Management fraud generally refers to:<br>A)unintentional mistakes.<br>B)noncompliance.<br>C)intentional distortions
Q17: The type of financial analysis that expresses
Q18: Which of the following is not an
Q19: An auditor who discovers that client employees
Q20: An audit team uses the assessed risk
Q21: When an auditor becomes aware of possible