Consider the following statement: When inherent and control risk are assessed as high, the risk of material
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Consider the following statement: “When inherent and control risk are assessed as high, the risk of material misstatement is assessed as high, and an auditor will set detection risk as low to reduce audit risk to an acceptably low level.” Explain what it means to set detection risk as low. What does this mean for the operation of the audit?
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When a client has a high susceptibility of an assertion to be misstat...View the full answer
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Related Book For 
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
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