According to AS 5,control risk should be assessed in terms of
A)Specific controls.
B)Types of potential fraud.
C)Financial statement assertions.
D)Control environment factors.

Question

Quizplus · Accepted Answer

According to AS 5, control risk should be assessed in terms of financial statement assertions. This approach helps auditors focus on the areas where misstatements due to error or fraud are most likely to occur, thereby allowing for a more effective and efficient audit process.

According to AS 5,control Risk Should Be Assessed in Terms