Multiple Choice
Inherent risk is
A) assessed as high when there are no internal controls tested or relied upon by the auditor.
B) assessed as low when there are good internal controls in place.
C) the risk of a misstatement occurring irrespective of any internal controls put in place by management.
D) the risk that the auditor's testing procedures will not detect a material misstatement.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Identify the steps used by the auditor
Q6: Normally,it is more efficient to carry out
Q22: The audit program serves as the instructions
Q28: The timing of substantive procedures is directly
Q67: Comparing sales commissions or bonuses with related
Q68: Indicate whether you agree or disagree with
Q71: Daniel Morency has performed evaluations of financial
Q72: After performing a risk assessment of a
Q74: An example of an analytical procedure which
Q75: Which of the following is the first