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

question 61

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 a misstatement does exist is:

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

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Definitions:

Wilhelm Wundt

Considered the father of modern psychology, he established the first psychology laboratory in Leipzig, Germany, in 1879.

Psychologists

Professionals specialized in the study of the mind and behavior, often dealing with the assessment and treatment of mental health issues.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person, looking at human behavior not only through the eyes of the observer but also through the eyes of the individual experiencing it.

Historically Significant

Describes events, figures, or periods which have had a profound impact on history, shaping the course of human development and understanding of the past.