In a non public audit (AICPA), auditors might chose to not test controls ifSelect an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aDesign of control is weak/deficient, Controls Risk is High, or High cost of testing I/CbDesign of control is strong/effective, Control Risk is low or low cost of testing

Answered: In a non public audit (AICPA), auditors…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In a non public audit (AICPA), auditors might chose to not test controls if

Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.

Design of control is weak/deficient, Controls Risk is High, or High cost of testing I/C

Design of control is strong/effective, Control Risk is low or low cost of testing

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Step 1

As part of audit, it is based on the auditors judgement only to select the appropriate level of risk and the nature & extent of the audit procedures to be done while expressing the audit opinion on the financial Statements.

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