Matilda Papas Has Been Asked to Lead Her Audit Team

question 18

Multiple Choice

Matilda Papas has been asked to lead her audit team in the audit of the Toronto Raptors basketball team. She performed a review of their risks and found that the team's risks tend to be driven by the nature of certain significant accounts or business activitithat the Raptors pursue. This risk is

• A) audit risk.
• B) inherent risk.
• C) control risk.
• D) detection risk.

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Definitions:

Competition

The rivalry among businesses to attract customers, increase sales, and achieve market dominance.

Self-Interested

Describes individuals or entities that act in their own best interest, aiming to maximize their own benefits and minimize costs.

Produce Efficiently

The process of producing goods or services in a way that minimizes waste and maximizes output using the least resources.

Technological Improvements

Advances in technology that enhance productivity, efficiency, and quality in goods and services.