Auditing 3 Review 10Auditing 3 Review 10 PDF

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Question 221 ptsInherent risk and control risk differ from detection risk in that theyGroup of answer choicesCan be changed at the auditor’s discretion. Arise from the misapplication of engagement procedures. May be assessed in either quantitative or nonquantitative terms. Exist independently of the...

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Question 221 pts Inherent risk and control risk differ from detection risk in that they Group of answer choices Can be changed at the auditor’s discretion. Arise from the misapplication of engagement procedures. May be assessed in either quantitative or nonquantitative terms. Exist independently of the audit engagement.

Question 231 pts On the basis of audit evidence gathered and evaluated, an auditor decides to decrease the level of detection risk from that originally planned. Assuming the same planned audit risk level, the change in the planned detection risk most likely resulted from a(n) Group of answer choices Increase in the assessed control risk. Decrease in the assessed inherent risk. Decrease in the assessed control risk. Increase in materiality levels.

Question 241 pts Inherent risk and control risk differ from detection risk in that inherent risk and control risk are Group of answer choices

Changed at the auditor’s discretion, whereas detection risk is not. Elements of audit risk, whereas detection risk is not. Functions of the client and its environment, whereas detection risk is not. Considered only for entity as a whole, not for each engagement....