Which of the Following Is a Definition of Control Risk

question 54

Multiple Choice

Which of the following is a definition of control risk?

• A)The risk that a material misstatement will not be prevented or detected on a timely basis by the client's internal controls
• B)The risk that the auditor will not detect a material misstatement
• C)The risk that the auditor's assessment of internal controls will be at less than the maximum level
• D)The susceptibility of material misstatement assuming there are no related internal control policies or procedures

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Definitions:

Time Management

The practice of organizing and planning how to divide one's time between specific activities to work more efficiently.

Smaller Projects

Projects with limited scope and duration, often characterized by fewer resources, lower costs, and less complexity compared to larger initiatives.

Project Specifications

Detailed descriptions of the requirements, features, and standards that a project must meet or exceed.

Client Expectations

The beliefs or standards that clients have regarding the performance or delivery of services or products.