Under the audit risk approach which of the following is not a method used by the auditor to manage detection and audit risk?

Question

Quizplus · Accepted Answer

The audit risk approach involves managing detection risk (the risk that the auditor will fail to detect a material misstatement) and inherent risk (the risk that the client's financial statements may contain material misstatements). Adjusting the timing of audit tests to maximize overall audit risk is not a method used by the auditor to manage detection and audit risk. The goal of the auditor is to minimize overall audit risk, which is a combination of detection risk and inherent risk. Therefore, option D is the correct answer.

Under the Audit Risk Approach Which of the Following Is