The Risk of Material Misstatement Refers to Which of the Following

question 32

Multiple Choice

The risk of material misstatement refers to which of the following?

• A)Inherent risk.
• B)Control risk and acceptable audit risk.
• C)The combination of inherent risk and control risk.
• D)Inherent risk and audit risk.

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Definitions:

Economic Significance

The importance of an entity or event in terms of its impact on the economy, relating to wealth, resources, and the production of goods and services.

Technological Advance

Progress in the development and application of scientific knowledge to practical tasks in industries such as computing, engineering, and biotechnology.

Scientists

Scientists are individuals who conduct scientific research to advance knowledge in an area of interest, typically using systematic methods to study the natural world and its phenomena.

ARPAnet

The Advanced Research Projects Agency Network, considered the precursor to the modern Internet, developed in the late 1960s to enable researchers to share computer resources.