Each of the Following Might, by Itself, Form a Valid

question 43

Multiple Choice

Each of the following might, by itself, form a valid basis for an auditor to reduce substantive testing except for the:

• A)difficulty and expense involved in testing a particular item.
• B)assessment of control risk at a low level.
• C)low inherent risk involved.
• D)high quality of the evidence gathered.

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Definitions:

Intuition

An instinctive knowing or sense of understanding without the need for conscious reasoning.

Judgment

The ability to make considered decisions or form opinions objectively, often based on interpreting available information.

Wisdom

The quality of having experience, knowledge, and good judgment; the ability to apply insights and understanding in various situations.

Principles, Models, Concepts

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior, abstract ideas forming the basis of thought experiments, and representations of ideas or theories.