If Inherent Risk Is Assessed as Low, Control Risk Is

question 15

Multiple Choice

If inherent risk is assessed as low, control risk is assessed as low and analytical procedures risk is very low, the acceptable levels of test of details risk would be:

• A) Maximum
• B) High
• C) Moderate
• D) Low
• E) So low that substantive tests of details may not be necessary.

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Definitions:

Performance Metrics

These are measurements used to evaluate the efficiency, performance, and success of an organization or individual.

Strategic Performance Measurement System

A framework that organizations use to measure, monitor, and manage performance against strategic goals, integrating financial and non-financial measures.

Performance Metrics

Quantitative measures used to assess, compare, and track performance or production across different areas of a business or operation.

Customer Perspective

An approach that focuses on understanding and fulfilling the needs, expectations, and satisfaction of the customers.