Matching
select the best choice
Premises:
The risk that a material misstatement that could occur in an assertion will not be prevented or detected on a timely basis by the entity’s internal controls.
The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that contain a material misstatement.
The risk that the auditor will not detect a material misstatement that exists in an assertion.
The susceptibility of an assertion to a material misstatement assuming that there are no related internal controls.
Responses:
Audit Risk
Inherent Risk
Control Risk
Detection Risk
Correct Answer:
Premises:
Responses:
The risk that a material misstatement that could occur in an assertion will not be prevented or detected on a timely basis by the entity’s internal controls.
The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that contain a material misstatement.
The risk that the auditor will not detect a material misstatement that exists in an assertion.
The susceptibility of an assertion to a material misstatement assuming that there are no related internal controls.
Premises:
The risk that a material misstatement that could occur in an assertion will not be prevented or detected on a timely basis by the entity’s internal controls.
The risk that the auditor may unknowingly fail to appropriately modify his or her opinion on financial statements that contain a material misstatement.
The risk that the auditor will not detect a material misstatement that exists in an assertion.
The susceptibility of an assertion to a material misstatement assuming that there are no related internal controls.
Responses:
Related Questions
Q39: Which of the following would not be
Q40: An understanding of the business and industry
Q41: Which one of the following reports serves
Q42: The professional standards identify five categories of
Q43: Identify and define the components of the
Q44: Following are definitions of related types of
Q45: Which of these is not a risk
Q46: Which of these is not a category
Q47: Which of the following statements about understanding
Q49: The professional standards identify five categories of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents