To Minimize the Risk That the Audit Will Not detect

question 82

Multiple Choice

To minimize the risk that the audit will not detect material misstatements in the financial statements,the auditor primarily relies on:

• A)Substantive procedures.
• B)Tests of controls.
• C)Internal control.
• D)Statistical analysis.

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Definitions:

Resources

Assets, materials, and other items of value that an individual or organization possesses, which can be used to achieve goals.

Workforce Diversity

The practice of employing people from a wide range of backgrounds, reflecting a variety of ages, ethnicities, genders, physical abilities, and other characteristics.

Technological Changes

Adjustments or advancements in technology that impact procedures, equipment, and processes in various fields.

Internal Force

Forces within an organization or individual that can affect its actions, decisions, and policies, such as culture, ethics, or internal goals.