Which of the Following Factors Does an Auditor Need to Consider

question 64

Multiple Choice

Which of the following factors does an auditor need to consider in planning a particular audit sample for a test of control?

• A) Number of items in the population.
• B) Total dollar amount of the items to be sampled.
• C) Acceptable level of risk of assessing control risk too low.
• D) Tolerable misstatement.

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Definitions:

Quasi-contract

A legal concept where a court imposes an obligation on a party to prevent unjust enrichment, even though no actual contract exists.

Void Contract

A contract that has no legal effect and is unenforceable from its inception due to certain legal deficiencies or violations.

Unenforceable Contract

An agreement that is not legally binding, either due to its failure to meet certain legal requirements or because it involves illegal activities.

Contractual Duties

Obligations that a party is bound to perform under the terms of a contract.