Question: The auditor assesses control risk because it: (a) includes the aspects of non-sampling risk that are controllable. (b) indicates where inherent risk may be the

The auditor assesses control risk because it:

(a) includes the aspects of non-sampling risk that are controllable.

(b) indicates where inherent risk may be the greatest.

(c) affects the level of detection risk the auditors may accept.

(d) needs to be reported on in the auditors’ report.

Choose the best answer

Step by Step Solution

★★★★★

3.45 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

c affects th... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Auditing Assurance Services Questions!

Q:

Accounting or Bonds Sold at a Discount The Biltmore National Bank raised capital through the sale of $140 million face value of eight percent coupon rate, ten-year bonds. The bonds paid interest...

Q:

Accounting Complete this spreadsheet as indicated. It should look nice and be formatted appropriately. All formulas and functions shou A2 A B D E F G H I L 1 Rate of Return 2 3 Date 4 S Amount 6...

Q:

Python and most Python libraries are free to download or use, though many users use Python through a paid service. Paid services help IT organizations manage the risks associated with the use of...

Q:

ned to estimate a numerical measurement of a population, such as a dollar value? (Points : 2) Sampling for attributes. Discovery sampling. Numerical sampling. Sampling for variables. Question 2. 2....

Q:

18. An auditor assesses control risk because it: (Points : 2) Determines whether sampling risk is sufficiently low. Affects the level of detection risk the auditor may accept. Includes the aspects of...

Q:

An auditor assesses control risk because it a. Is relevant to the auditors understanding of the control environment. b. Provides assurance that the auditors materiality levels are appropriate. c....

Q:

An auditor assesses control risk because it a. Is relevant to the auditors understanding of the control environment. b. Provides assurance that the auditors materiality levels are appropriate. c....

Q:

An auditor assesses control risk because it a. Is relevant to the auditors understanding of the control environment. b. Provides assurance that the auditors materiality levels are appropriate. c....

Q:

An auditor assesses control risk because it a. Is relevant to the auditors understanding of the control environment. b. Provides assurance that the auditors materiality levels are appropriate. c....

Q:

Using game theory and strategic reasoning concepts to prevent and detect fraud. I need half page summary of this article Accounting Horizons Vol. 18, No. 3 September 2004 pp. 173-184 Using Game...

Q:

An airline has a plane with 10 seats and sells seats for a particular flight for $250 at full price. It created a frequency table based on demand during the last 50 flights shown below. What is the...

Q:

Flying against the wind, a jet travels 4200 mi in 6 hours. Flying with the wind, the same jet travels 6000 mi in 5 hours. What is the rate of the jet in still air and what is the rate of the wind?...

Q:

El despacho Rosado Rodrguez y Asociados reemplaz el clima central de sus oficinas. El 1 de abril de 2015 contrat a un electricista que realiz la desinstalacin del equipo usado y se le pagaron de...

Q:

Q6 How are the five components designed?

Q:

BestSellers.com sells fiction and nonfiction books to customers through the company's Web site. Customers place orders for books via the Web site by providing their name, address, credit card number,...

Q:

List the transaction-related audit objectives for the audit of sales transactions. For each objective, state one internal control that the client can use to reduce the likelihood of misstatements.

Q:

State one test of control and one substantive test of transactions that the auditor can use to verify the following sales transaction-related audit objective: Recorded sales are stated at the proper...

Q:

explain further how monopoly firms are more productively efficient

Q:

Which of the following is true of business ethics? -Certain notions such as fairness, honesty, and reciprocity are universal norms. -Business ethics is an agreed-upon code of conduct in business,...

Q:

An n-year annuity-immediate has a payment of k 2 at time k, k {1, 2, ..., n}. Derive a formula for the present value of this annuity in terms of the symbol (I3,2a)n2 i , assuming money grows...