Multiple Choice
When an auditor increases the assessed level of risk of material misstatement because certain control procedures were determined to be ineffective, the auditor would most likely increase the:
A) extent of tests of controls.
B) level of detection risk.
C) extent of substantive tests.
D) level of inherent risk.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Inherent risk is the susceptibility of an
Q2: Using the audit risk model, identify the
Q3: Using the Audit Risk Model, what are
Q5: As the acceptable level of detection risk
Q6: The achieved (actual)level of audit risk:<br>A)can always
Q7: Professional judgment must be used when evaluating
Q8: Engagement risk can be eliminated by:<br>A)establishing policies
Q9: The risk of material misstatement includes which
Q10: The risk of material misstatement differs from
Q11: What is the difference between audit risk