The Ultimate Purpose of Assessing Control Risk Is to Contribute

question 92

Multiple Choice

The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the

• A) Factors that raise doubts about the auditability of the financial statements.
• B) Operating effectiveness of internal control policies and procedures.
• C) Risk that material misstatements exist in the financial statements.
• D) Possibility that the nature and extent of substantive tests may be reduced.

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Definitions:

Broken Limbs

Injuries where one or more bones are fractured or broken in an individual’s arm or leg.

Cracked Vertebrae

A condition characterized by a fracture in one of the vertebrae, the small bones that make up the spinal column.

Canadian Province

A primary administrative division within Canada, of which there are ten, each with its own local government.

Mentally Ill

A term used to describe individuals who are experiencing significant disturbances in their cognitive, emotional, or behavioral functioning.