Which of the following accurately describes audit risk? (Several choices may be correct.) Risk that errors...
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Which of the following accurately describes audit risk? (Several choices may be correct.) Risk that errors can simply happen. Risk that the procedures performed by the auditor will not be effective in detecting a material misstatement on a timely basis. Risk the auditor expresses an inappropriate audit opinion when the financial report is materially misstated. Function of business risk and economic risk. Function of risks of material misstatement and detection risk. Risk the client's controls will not prevent, or detect and correct, a misstatement on a timely basis. Which of the following accurately describes audit risk? (Several choices may be correct.) Risk that errors can simply happen. Risk that the procedures performed by the auditor will not be effective in detecting a material misstatement on a timely basis. Risk the auditor expresses an inappropriate audit opinion when the financial report is materially misstated. Function of business risk and economic risk. Function of risks of material misstatement and detection risk. Risk the client's controls will not prevent, or detect and correct, a misstatement on a timely basis.
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Related Book For
Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
Posted Date:
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