If control risk is assessed very low,cost accumulations will require additional substantive procedures to lower the risk of failing to detect material misstatements in inventory.

Question

Quizplus · Accepted Answer

If the control risk is assessed as very low, it means that the controls in place are effective and reliable in preventing or detecting material misstatements in inventory. Therefore, additional substantive procedures may not be necessary to lower the risk further.

If Control Risk Is Assessed Very Low,cost Accumulations Will Require