To check that if all assets are recorded in assets properly, is a part of assessing the risks of material misstatement at both the financial statement levels.Single choice. 

True

False

8.Which of the following risk can be improved in order to control audit risk of current audit?Single choice. 

Control risk

Inherent risk

Detection risk

Both control and detection risk

9.Creation of fictitious suppliers is a fraudulent act that is considered as aspect of fraudulent financial reporting.Single choice. 

True

False

10.If materiality level for stock count set at 7% of post-tax profit and auditor finds a difference in stock count, that is more than 7% of post-tax profit, the error would be consideredSingle choice. 

Material

Immaterial

Answer rating: 100% (QA)

Answer 7 True For example a loan advanced to a director of a company however small is material becau... View the full answer