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

Question

Quizplus · Accepted Answer

Assessing acceptable audit risk and inherent risk helps auditors determine the amount of evidence that will need to be accumulated to reduce audit risk to an acceptably low level, guiding the nature, timing, and extent of audit procedures.

Assessing Acceptable Audit Risk and Inherent Risk Is an Important