The Risk That an Auditor's Procedures Will Lead to the Conclusion

question 30

Multiple Choice

The risk that an auditor's procedures will lead to the conclusion that a material misstatement does not exist in an account balance when, in fact, such misstatement actually exists is:

• A)audit risk.
• B)inherent risk.
• C)control risk.
• D)detection risk.

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Definitions:

Uric Acid

A waste product formed from the breakdown of purines, substances found in many foods, which is excreted in the urine.

Birds

Warm-blooded vertebrates characterized by feathers, beaks without teeth, laying of hard-shelled eggs, a high metabolic rate, and a four-chambered heart.

Reptiles

A class of cold-blooded vertebrates that include snakes, lizards, turtles, crocodilians, and various extinct groups, characterized by breathing air, laying shelled eggs, and having a skin covered with scales or scutes.

Urea

An organic compound and waste product produced in the liver, resulting from the metabolism of proteins, excreted in the urine.