Which of the Following Statements Concerning Control Risk Is Correct

question 55

Multiple Choice

Which of the following statements concerning control risk is correct?

• A) Assessing control risk and obtaining an understanding of an entity's internal controls may be performed concurrently.
• B) When control risk is high, an auditor is required to document the basis for that assessment.
• C) Control risk may be assessed sufficiently low to eliminate substantive procedures for significant accounts.
• D) When assessing control risk, an auditor should not consider evidence obtained in prior audits about the operation of control activities.