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Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343 Exercise 50
It is acceptable under generally accepted auditing standards for an audit team to
A) Assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive substantive tests.
B) Assess control risk at zero and perform a minimum of detection work.
C) Assess inherent risk at zero and perform a minimum of detection work.
D) Decide that audit risk can be 40 percent.
A) Assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive substantive tests.
B) Assess control risk at zero and perform a minimum of detection work.
C) Assess inherent risk at zero and perform a minimum of detection work.
D) Decide that audit risk can be 40 percent.
Explanation
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The Auditor should assess the risk of ma...
Auditing & Assurance Services 6th Edition by Timothy Louwers
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