
Below are four situations that involve the audit risk model as it is used for planning audit evidence requirements in the audit of inventory.For each situation,calculate planned detection risk.
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Q18: The possibility that fraud has resulted in
Q19: CAS 315.28 requires the auditor to consider
Q20: Significant risk often relates to
A)low-dollar-value transactions.
B)simple transactions.
C)routine
Q21: As the effectiveness of internal control increases,what
Q22: Using the acceptable audit risk model,audit risk
Q24: If the auditor assessed the detection risk
Q25: What is the role of internal controls
Q26: Your firm has been appointed as the
Q27: An inherent risk (IR)of 40% and a
Q28: When inherent risk is assessed as higher
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