Question: Inherent risk and control risk differ from detection risk in that they May be assessed in either quantitative or nonquantitative terms. Exist independently of the

Inherent risk and control risk differ from detection risk in that they

May be assessed in either quantitative or nonquantitative terms.

Exist independently of the financial statement audit.

Can be changed at the auditors discretion.

Arise from the misapplication of auditing procedures.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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 Accounting Questions!

Q:

After the study and evaluation of internal control has been completed, an auditor might decide to Group of answer choices Reduce both tests of controls and substantive tests in areas where control...

Q:

24 Which of the fofiowing creumitances most skely would etity's fnancial A Supporting records that should be readily which of the Baowing non-audin services daving the audit of an issuert svailable...

Q:

QUESTION 1 Inherent risk and control risk differ from detection risk in that they: A. Are components of RMM B. May be assessed in either quantitative or nonquantitative terms. C. Can be measured...

Q:

Inherent risk and control risk differ from detection risk in that they Answer a. Arise from the misapplication of auditing procedures. b. Can be changed at the auditor's discretion. c. Exist...

Q:

Inherent risk and control risk differ from detection risk in that they a. Arise from the misapplication of auditing procedures. b. May be assessed in either quantitative or nonquantitative terms. c....

Q:

Inherent risk and control risk differ from detection risk in that they a. Arise from the misapplication of auditing procedures. b. May be assessed in either quantitative or nonquantitative terms. c....

Q:

Inherent risk and control risk differ from detection risk in that they a. Arise from the misapplication of auditing procedures. b. May be assessed in either quantitative or nonquantitative terms. c....

Q:

Please provide justification for the answer. Inherent risk and control risk differ from detection risk in that they: 1-Arise form the misapplication of audit procedures. 2-May be assesed in either...

Q:

8. In order to decrease detection risk (when you decrease detection risk you actually increase the odds that you will detect a material misstatement), risk the auditor may do all except: MULTIPLE...

Q:

Inherent risk and control risk differ from detection risk in that the first two risks Can be changed at the auditor's discretion. Arise from the misapplication of auditing procedures. Are not...

Q:

A square of area 100 cm is at rest in the reference frame S. An observer in S' frame which moves relative to S at 0.8c and parallel to one side of the square measures the area. The area measured by...

Q:

Four unrelated shareholders own Benton Corporations 400 shares of outstanding stock. As indicated below, Benton redeems a total of 100 shares for $500 per share from three of its shareholders. Each...

Q:

When a company uses the income statement method to estimate uncollectible accounts receivable, it uses the following to calculate bad debts expense: Group of answer choices Credit sales Cash sales...

Q:

According to Porter, to be effective all of the following must be consistent with the organization's strategy except objectives budget culture goals activities

Q:

If scientific management was the diabolical scheme that some considered it to be, why was it so widely adopted in the early part of the twentieth century?

Q:

Reduce the parallel discussion of the job organization system and the cooperative motivation system to a single statement that reflects the greatest single difference between the two approaches.

Q:

Identify and describe the fundamental difference between legalistic management and humanistic management. Describe several indicators that can be used to distinguish one from the other.