Which of the Following Statements Is About Audit Risk

question 19

Multiple Choice

Which of the following statements is about audit risk?

• A)Audit risk can be reduced at the planning stage of an audit by identifying the key risks faced by the client.
• B)Audit risk is the risk that an auditor expresses an inappropriate opinion when a financial report is materially stated.
• C)It is impossible to completely eliminate audit risk.
• D)All of the above.

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Definitions:

Plaintiff

The party who initiates a lawsuit by filing a complaint with the court against the defendant, seeking legal remedy for grievance.

Permission Slips

Documents that grant approval for someone, typically a minor, to participate in an activity.

Objection

A formal expression or statement of disapproval or disagreement with something, often used in legal contexts to dispute admissibility of evidence or procedures.

Venue

The geographical location or jurisdiction where a legal case is heard.