All of the Following Are Components of Audit Risk Except

question 99

Multiple Choice

All of the following are components of audit risk except

• A)control risk
• B)legal risk
• C)detection risk
• D)inherent risk

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Definitions:

Means Test

A method for determining eligibility for certain types of financial assistance based on the individual's income and assets.

Median Income

The middle value of income in a given population, wherein half of the population earns more and half earns less.

Chapter 7 Bankruptcy

A provision of bankruptcy law that allows individuals and businesses to discharge their debts by liquidating assets, providing a fresh start.

Liquidation Bankruptcy

A type of bankruptcy proceedings where a debtor's assets are sold off to pay creditors, primarily under Chapter 7 of the Bankruptcy Code.