When evaluating the results of substantive audit procedures, auditors run the sampling risk(s) of
A)Assessing control risk too high or too low.
B)Incorrect acceptance and incorrect rejection of the population.
C)Assessing control risk too low only.
D)Incorrect acceptance of the population only.

Question

Quizplus · Accepted Answer

Sampling risk in substantive audit procedures involves the risk of incorrect acceptance (concluding that a material misstatement does not exist when it does) and incorrect rejection (concluding that a material misstatement exists when it does not).

When Evaluating the Results of Substantive Audit Procedures, Auditors Run