If inherent risk and control risk are low, the auditor can set detection risk as high.
ACC551-Ch4

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Medium

John T
Used 6+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Materiality is assessed during the risk assessment phase of every audit.
True
False
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Key performance indicators used by a client to monitor its performance provide an auditor insight into which accounts are potentially at risk of misstatement.
True
False
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Inventory turnover measures how many times a year a company collects cash from its debtors.
True
False
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
When classifying risks, significant consideration is not given to whether the risk
is related to significant economic or accounting developments
involves simple transactions
involves significant related party transactions
involves fraud
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