Question: Select from the option list provided the term that is defined in each explanation below. A choice may be used once, more than once, or

Select from the option list provided the term that is defined in each explanation below. A choice may be used once, more than once, or not at all.
ExplanationTerm1. The susceptibility of an assertion to material misstatement in the absence of related controls.
2. The concept that recognizes that some matters, but not all, are important for fair presentation in the financial statements in conformity with GAAP.
3.Intentionalmisstatementsoromissionstodeceive users, such as altering records or documents.
4. The chance that an auditor may unknowingly fail to modify an opinion on materially misstated financial statements.
5. The result of theft, embezzlement, or an action that causes payments for items not received.
6. The possibility that the auditor will not detect a material misstatement that exists in an assertion.
7. An unattainable concept because of the characteristics of fraud and the limitations of audit evidence.
8. The chance that internal controls will not prevent or detect a material misstatement on a timely basis.

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