Question

QUESTION 17 Match the term with the correct definition Classified into general standards, standards of fieldwork, and standards of reporting. One minus detection risk. The underlying accounting data and all related corroborating information available to an auditor. A. Audit Evidence The likelihood that misstatement could occur and not B. Attestation Risk be prevented or detected by internal controls. C. Level of Confidence The probability that an attestor may unknowingly fail to D. Control Risk modify a written conclusion about an assertion that is IS E. Materiality materially misstated. F. Audit Risk The probability that a practitioner may incur damages G. Detection Risk despite issuing an appropriate report. H. Business Risk The magnitude of a misstatement that would have 1. Inherent Risk influenced the judgment of a reasonable person. J. Attestation Standards The probability that an auditor may unknowingly fail to modify an opinion on financial statements that are materially misstated. The likelihood that misstatement could occur and not be detected by the auditor's procedures.

Principles of auditing
chapter 2

Answer 1

Attestation Standards Level of Confidence Audit Evidence Control Risk Attestation Risk Classified into general standards, standards of fieldwork, and standards of reporting. One minus detection risk The underlying accounting data and all related corroborating information available to the auditor. The likelihood that misstatement could occur and not be prevented and detected by internal controls. The probability that an attestor may unknowingly fail to modify a written conclusion about an assertion that is materially misstated. The probability that a practitioner may incur damages despite issuing an appropriate audit opinion. The magnitude of a misstatement that would have influenced the judgement of a reasonable person. The probability that an auditor may unknowingly fail to modify an opinion on financial statements that are materially misstated. The likelihood that misstatement could occur and not be detected by the auditor's procedures. Inherent Risk Materiality Audit risk Detection Risk