For each of the following independent statements, state whether you agree or disagree with the statement and explain your answer.
Required
a. Overall audit risk is high when inherent risk is low.
b. When the auditor assesses control risk and inherent risk as low, the acceptable detection risk is high.
c. The auditor cannot rely solely on quantitative factors in determining materiality.
d. When an audit firm issues the correct opinion on the financial statements under audit, it still has engagement risk.
e. If audit risk is high, the acceptable level of audit risk must be low.
f. If detection risk is high, the auditor is required to gather more evidence through substantive procedures.
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