Attestation Risk, Like Audit Risk Consists of Three Components-Inherent Risk

question 49

True/False

Attestation risk, like audit risk consists of three components-inherent risk, control risk, and substantiation risk.

---

Definitions:

Technologically Feasible

Capable of being achieved or implemented with the current state of technical knowledge and resources.

Breach Of Express Warranty

The failure to fulfill the specific and stated promises regarding the quality or function of a product or service.

Basis Of Bargain

Basis of bargain refers to the essential facts and expectations that form the foundation for a contract or agreement between parties.

Representation

A statement or action made to induce another party into a contract, which may not necessarily be a strict warranty.