Why are substantive procedures required in both a purely substantive audit approach and a combined audit approach?

Question 19 options:

a)	Inherent risk cannot be eliminated entirely.

b)	Tests of controls alone are too costly.

c)	It is more effective to audit a large number of transactions using substantive procedures.

d)	Substantive procedures can be performed after year end.

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Question 21 (1 point)

When audit, inherent, and control risk are all assessed as low, detection risk is assessed as high. As a result:

Question 21 options:

a)	Risk of material misstatement is assessed as high.

b)	The number of substantive tests will decrease.

c)	Controls cannot be relied on.

d)	Fraud risk is assessed as high.