PALP Audit #1

Audit Risk = A risk where auditor express an inappropriate audit opinion when the FS are not materially misstated.

• True

• False

After the auditor issued the audit report, the FS will no longer contain any misstatements.

• True

• False

Sunway Lagoon is a private company under Sunway Group, so they should use MFRS.

• True

• False

When Detection Risk decrease, the substantive procedure will also decrease.

• True

• False

Company ABC uses MPERS, can they decide to use MFRS?

• Yes

• No

When CR is low, we can then rely on test of control as the internal control is working.

• True

• False