The Risk of Material Misstatement Resulting from the Internal Controls

question 19

Multiple Choice

The risk of material misstatement resulting from the internal controls in place failing to detect a fraudulent or erroneous transaction is:

• A)An inherent risk
• B)A control risk
• C)A detection risk
• D)An incontrollable risk

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Definitions:

Polypeptide

A molecule consisting of a chain of amino acids linked by peptide bonds, and is the building block of proteins.

Amino Acid Sequences

The order in which amino acids are linked together by peptide bonds in a protein or peptide.

Enzyme

Biological catalysts which accelerate chemical reactions in living organisms by lowering the activation energy.

Racemic Acid

A mixture of equal amounts of two enantiomers of an acid, making it optically inactive.