• The primary purpose of the audit risk model is to aid auditors in planning the extent of tests of controls and determining which particular controls should be tested.
• Inherent risk and control are normally the same for different accounts in the same audit, whereas acceptable audit risk is ordinarily different for each account in the same audit.
• A materiality level of $1,000 would require more audit evidence than would a materiality level of $100,000.

True or False.

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First Statement is false Audit risk model is a tool mostly used by auditors to under... View the full answer