It Is Acceptable Under Generally Accepted Auditing Standards for an Audit

question 88

Multiple Choice

It is acceptable under generally accepted auditing standards for an audit team to

• A) Assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive detection work.
• B) Assess control risk at zero and perform a minimum of detection work.
• C) Assess inherent risk at zero and perform a minimum of detection work.
• D) Decide that audit risk can be 40 percent.

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Definitions:

Rejection

The act of dismissing or refusing a proposal, idea, or individual, often leading to emotional distress.

Early Life

A term referring to the initial stages or years of an individual's existence, focusing on the development from infancy through childhood.

Avoidant Personality Disorder

A mental condition characterized by a persistent pattern of social inhibition, feelings of inadequacy, and hypersensitivity to negative evaluation.

Schizoid Personality Disorder

Personality disorder characterized by pervasive detachment from social relationships and a restricted range of emotional expression.