T/F The AICPA's “audit risk model" applies to the relevant assertion-level of an individual audit area or class of transactions, but it does not apply to the level of the financial statements taken as a whole.

T/F The AICPA's “audit risk model" applies to the relevant assertion-level of an individual audit area or class of transactions, but it does not apply to the level of the financial statements taken as a whole.

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 38CYBK

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Question

T/F The AICPA's “audit risk model" applies to
the relevant assertion-level of an individual
audit area or class of transactions, but it does
not apply to the level of the financial
statements taken as a whole.

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