The Most Important Factor When Responding to Assessed Risks Is

question 37

Multiple Choice

The most important factor when responding to assessed risks is _______.

• A)consideration of the nature of the audit procedure
• B)consideration of the nature of the associated internal control
• C)the opinion of management regarding the assessed risk
• D)the opinion of the internal auditor regarding the assessed risk

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Definitions:

Mineral Nature

Mineral nature refers to the characteristics and properties of minerals, including their composition, structure, and the processes by which they are formed.

Patent Amortization

The process of gradually writing off the initial cost of a patent over its useful life, reflecting the decrease in value due to time and use.

Credit

The right side of an account.

Accumulated Amortization

The cumulative amount of amortization expense that has been recorded against an intangible asset.