Question: It is acceptable under generally accepted auditing standards for an audit team to A. Decide that audit risk can be 40 percent. B. Assess risk

It is acceptable under generally accepted auditing standards for an audit team to A. Decide that audit risk can be 40 percent. B. Assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive substantive tests. C. Assess control risk at zero and perform a minimum of detection work. D. Assess inherent risk at zero and perform a minimum of detection work.

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