Question: Which is incorrect statement about audit risk? a . Audit assurance is the complement of acceptable audit risk. b . There is an inverse relationship

Which is incorrect statement about audit risk? a. Audit assurance is the complement of acceptable audit risk. b. There is an inverse relationship between acceptable audit risk and planned detection risk. c. The risk of material misstatement refers to the combination of inherent risk and control risk.O d. detection risk can only be determined after audit risk, inherent risk, and control risk aredetermined.Prior to beginning the fieldwork on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA should a. Obtain a knowledge of matters that relate to the nature of the entity's business.O b. Reduce audit risk by lowering the preliminary levels of materiality.O c. Design special substantive tests to compensate for the lack of industry expertise. d. Engage financial experts familiar with the nature of the industry.

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