Which of the Following Statements Is About Audit Risk

question 41

Multiple Choice

Which of the following statements is about audit risk?

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

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Definitions:

Homework Assignments

Tasks assigned to someone to complete outside of a classroom or primary work environment, often to reinforce learning.

Afraid of Flying

A phobia characterized by intense fear or anxiety triggered by the thought of air travel, potentially leading to avoidance of flying.

Systematic Desensitization

A behavioral therapy technique used to help individuals overcome phobias or anxiety disorders through graduated exposure to the feared object or situation alongside relaxation exercises.