To Ensure That a High Level of Assurance Is Provided

question 20

Multiple Choice

To ensure that a high level of assurance is provided by the audit opinion,what must the auditor do?

• A)Plan and execute the audit to ensure an acceptably low risk of material misstatement is achieved.
• B)Plan and execute the audit to ensure an acceptably low level of audit risk is achieved.
• C)Plan and execute the audit to ensure an acceptably low level of inherent risk is achieved.
• D)Plan and execute the audit to ensure an acceptably low level of detection risk is achieved.

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Definitions:

Creditor

An individual or entity that is owed a debt or other obligation by another individual or entity, known as the debtor.

1994 Amendments

Refers to specific changes or updates made to legislation or regulatory frameworks in the year 1994.

U.S. Judicial Conference

The U.S. Judicial Conference is the policymaking body for the federal court system, tasked with ensuring the efficient administration of justice within the federal judiciary.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.