Assessing acceptable audit risk and inherent risk is an important part of audit planning, because:
A) it helps to determine the timing of audit procedures.
B) it helps to determine the fees to charge for the audit.
C) it helps to determine the amount of evidence that will need to be accumulated.
D) all of the above

Question

Quizplus · Accepted Answer

Assessing acceptable audit risk and inherent risk helps auditors determine the amount of evidence needed to achieve a desired level of assurance, impacting the nature, timing, and extent of audit procedures.

Assessing Acceptable Audit Risk and Inherent Risk Is an Important