11. Consider the following statement: When inherent and control risk are assessed as high, the risk of

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11. 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?

Related Book For answer-question

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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Posted Date: Mar 04, 2021 09:19 PM

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11. Consider the following statement: When inherent and control risk are assessed as high, the risk of

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Auditing A Practical Approach with Data Analytics

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