The existence of one or more risk factors means that there is a material misstatement present.

Name: The existence of one or more risk factors means that there is a material misstatement present.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The presence of risk factors does not necessarily mean that a material misstatement is present. Risk factors are simply indicators that there may be a higher risk of material misstatements occurring. Further audit procedures are needed to determine if a material misstatement actually exists.

The Existence of One or More Risk Factors Means That