Which of the Following Statements Concerning Control Risk Is Correct

question 788

Multiple Choice

Which of the following statements concerning control risk is correct?

• A) Assessing control risk and obtaining an understanding of an entity's internal control may be performed concurrently.
• B) Control risk may be assessed sufficiently high to eliminate substantive testing for significant transaction classes.
• C) Control risk may be assessed sufficiently low to eliminate substantive testing for significant transaction classes.
• D) When assessing control risk an auditor should not consider evidence obtained in prior audits about the operation of control activities.

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