When the Inherent Risk and Control Risk Assessment Is High

question 13

Multiple Choice

When the inherent risk and control risk assessment is high:

• A) there are no controls tested or relied upon.
• B) minimal substantive tests are performed.
• C) the amount of substantive testing is significant.
• D) Both a and c

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Definitions:

Class Action Arbitration

A form of arbitration that allows a group of individuals with similar legal claims to arbitrate their disputes collectively rather than individually.

Federal Arbitration Act

U.S. federal law that provides the legal foundation for the enforcement of arbitration agreements and governs the conduct of arbitration proceedings.

Summary Jury Trial

A shortened trial that serves as an alternative dispute resolution method, involving a jury which listens to a summary of the case and renders an advisory verdict.

Submission Agreement

A contract which provides that a specific dispute will be resolved in arbitration.