Control Risk Is the Risk That

question 49

Multiple Choice

Control risk is the risk that:

• A)an auditor's substantive procedures will not detect material misstatements
• B)a client's system of internal controls will not prevent or detect a material misstatement
• C)an auditor expresses an inappropriate audit opinion when a financial report is materially misstated
• D)none of the above

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Definitions:

Calling

A strong urge toward a particular way of life or career; a vocation.

Positive Institution

Organizations or societal structures that promote well-being, positive values, and the betterment of individuals or communities.

Community

A group of people living in the same place or having a particular characteristic in common, often sharing a sense of connection and mutual support.

Workers

Individuals engaged in some form of employment, providing labor in exchange for compensation.