Stacey, the Partner in Charge of the Audit of RIF

question 13

Essay

Stacey, the partner in charge of the audit of RIF Enterprises, sets the planned level of audit risk for the audit of accounts payable at 0.06. The risk of material misstatement is assessed at 0.65. What is the detection risk for this audit?

---

Definitions:

Autonomy

The capacity to make an informed, un-coerced decision independently.

Beneficence

In ethics, it refers to the moral obligation to act for the benefit of others, promoting their well-being.

Expected Privacy

The level of privacy an individual can reasonably anticipate in a particular situation, often influenced by context and cultural norms.

Confidentiality

The assurance that personal or sensitive information is kept secure and not shared without authorization.