As Detection Risk Increases,the Amount of Evidence an Auditor Needs

question 76

True/False

As detection risk increases,the amount of evidence an auditor needs to obtain decreases.

---

Definitions:

Opportunity Cost

The cost of the next best alternative that is forgone when making a decision.

Scenario 1-5

A series of hypothetical or planned situations used for strategic planning, decision making, or analysis, labeled numerically for differentiation.

Working

Engaging in a physical or mental activity to achieve an objective, often to earn an income.

Opportunity Cost

The loss of potential gain from other alternatives when one particular option is chosen over others.