Which of the Following Statements Concerning Control Risk Is Correct

Multiple Choice

Which of the following statements concerning control risk is correct?

A) Assessing control risk and obtaining an understanding of an entity's internal controls may be performed concurrently.
B) When control risk is high, an auditor is required to document the basis for that assessment.
C) Control risk may be assessed sufficiently low to eliminate substantive procedures for significant accounts.
D) When assessing control risk, an auditor should not consider evidence obtained in prior audits about the operation of control activities.