Multiple Choice
Audit risk involves the risk that:
A) The financial statements contain a misstatement.
B) The ICFR fails to report material internal control weaknesses and the audit report also fails to mention this fact.
C) The client lied to management.
D) All of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q42: Generally, the auditor:<br>A) Cannot control audit risk.<br>B)
Q43: A summary judgment:<br>A) Is brought by the
Q44: Scienter means:<br>A) The auditor exercised poor professional
Q45: In order to be held guilty under
Q46: The Securities Act of 1933 requires that
Q48: The complaint in a civil suit filed
Q49: One reason for negligence is that the
Q50: "Fraud on the Market" theory holds that:<br>A)
Q51: The Sarbanes-Oxley Act of 2002 (SOX):<br>A) Sets
Q52: Audit risk only applies to auditors who