An audit strategy is developed _______. A. in response to the risk assessment for each significant...
An audit strategy is developed _______.
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A. in response to the risk assessment for each significant account and assertion using the formula for audit risk |
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B. in response to the risk assessment for each insignificant account and assertion using the formula for audit risk |
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C. by the auditor, but must be reviewed and approved by management |
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D. by the auditor, but must be reviewed and approved by the internal audit function |
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An audit strategy is developed _______.
A. in response to the risk assessment for each significant...
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6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
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