Multiple Choice
Which of the following statements regarding detection risk is true?
A) Detection risk incorporates both substantive analytical procedures and tests of details.
B) Detection risk provides guidance to the auditor on the substantive audit procedures needed to achieve the desired audit risk.
C) A low level of detection risk means the auditor needs to obtain more evidence from substantive procedures.
D) All of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Brainstorming What are the steps of the
Q2: The lower the dollar amount of the
Q4: Importance of materiality judgments Explain how auditors
Q5: Which of the following ratios provides information
Q6: The existence of one or more risk
Q7: Audit procedures have to be announced or
Q8: If the auditor's assessment of audit risk
Q9: The auditor typically sets posting materiality at
Q10: Audit risk is the risk that the
Q11: When an auditor chooses not to rely