Question: Can control risk be high for one assertion and low
Can control risk be high for one assertion and low for another assertion for the same account balance? Explain.
Answer to relevant QuestionsWhat is a key control? Give a specific example. What is an audit internal control questionnaire? How does the degree of control reliance relate to the auditor’s control risk assessment? Define control risk and list seven general categories of misstatements that controls are intended to prevent, detect, and correct.How does the auditor’s control risk assessment affect the preliminary audit program?
Post your question