Generally, the auditor specifies an overall audit risk level for the financial statements as a whole and
Question:
Generally, the auditor specifies an overall audit risk level for the financial statements as a whole and then uses that same level for each assertion.
However, the levels of inherent, control, and detection risk can vary by assertion. Explain.
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type of risk and how they can vary by assertion Inherent Risk Inherent risk is the susceptibility of an assertion to material misstatement before cons...View the full answer
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