Planning an Audit of a Financial Report Requires That an Auditor

question 22

Multiple Choice

Planning an audit of a financial report requires that an auditor plan their audit to reduce audit risk to an acceptable low level.Audit risk can be defined as;

• A)The risk that the auditor expresses and inappropriate opinion at the conclusion of the audit.
• B)The risk that the auditor does identify the material misstatements.
• C)That sufficient appropriate evidence cannot be gathered to form an opinion of the truthfulness of the financial statements.
• D)That fraud exists in the accounts and the client is aware that the fraud exists.

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