Multiple Choice
Inherent risk and control risk differ from detection risk in that inherent risk and control risk are
A) Elements of audit risk whereas detection risk is not.
B) Changed at the auditor's discretion whereas detection risk is not.
C) Considered at the individual account balance level whereas detection risk is not.
D) Functions of the client and its environment whereas detection risk is not.
Correct Answer:
Verified
Correct Answer:
Verified
Q48: Detection risk occurs when internal control activities
Q49: An auditor assesses the risk of material
Q50: _ refers to financial statement amounts expressed
Q51: The risk of material misstatement differs from
Q52: External auditors are responsible<br>A) For authenticating documents.<br>B)
Q54: Audit risk (AR)is a quality criterion based
Q55: Analytical procedures are evaluations of financial information
Q56: Comparison of financial statement numbers and ratios
Q57: The auditing profession official standard for an
Q58: If tests of controls induce the auditor