Multiple Choice
Internal control testing is required when
A) the auditor plans to assess risk above minimum for a relevant assertion in a significant account or class of transactions in an audit of the internal controls over financial statements
B) the auditor plans to assess risk below minimum for a relevant assertion in a significant account or class of transactions in an audit of the internal controls over financial statements
C) the auditor plans to assess risk above maximum for a relevant assertion in a significant account or class of transactions in an audit of the internal controls over financial statements
D) the auditor plans to assess risk below maximum for a relevant assertion in a significant account or class of transactions in an audit of the internal controls over financial statements
Correct Answer:
Verified
Correct Answer:
Verified
Q26: Which of the following statements is a
Q27: Both statistical and nonstatistical sampling require professional
Q28: A control deviation occurs when<br>A)the control has
Q29: If the auditor uses a statistical sampling
Q30: The most important points to understand about
Q32: Audit risk is<br>A)the risk that material misstatements
Q33: The only possible results from an internal
Q34: Sampling risk is<br>A)the risk that the sample
Q35: The auditor is required to understand statistical
Q36: When controls "work"<br>A)the auditor increases the amount