When Assessing Risk, It Is Important to Remember That

question 57

Multiple Choice

When assessing risk, it is important to remember that

• A) for acceptable audit risk, the SEC decides the risk the CPA firm should take for public clients.
• B) inherent risk can be changed by the auditor.
• C) detection risk can only be determined after audit risk, inherent risk, and control risk are determined.
• D) control risk is determined by company management since they are responsible for internal control.

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Definitions:

Goals Of Scientific Research

The objectives that guide the pursuit of knowledge in science, typically involving description, prediction, explanation, and application.

Behavior

A range of actions and reactions of humans or animals in response to internal or external stimuli.

Pseudoscience

Systems of thought or practice that claim to be scientific or are presented as science but lack empirical evidence and adherence to scientific methods.

Scientific Terms

Vocabulary or lexicon that is specific to the disciplines of science, used to describe principles, theories, and concepts.