Question: Consult Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of risk assessment and the case information, identify three specific factors about

Consult Paragraphs 7-10 of PCAOB Auditing Standard No. 12. Based on your understanding of risk assessment and the case information, identify three specific factors about WorldCom’s strategy that might cause you to elevate the risk of material misstatement.

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Inherent risk is an essential component of the risk of material misstatement At the entity and at the financial statement assertion level inherent risk refers to the exposure or susceptibility of an a... View full answer

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