The CPA firm of Quigley & Associates uses a qualitative approach to implementing the audit risk model. Audit risk is categorized using two terms: very low and low. The risk of material misstatement and detection risk are categorized using three terms: low, moderate, and high. Determine detection risk and TM level for each of the following hypothetical clients. Client No. Audit Risk Risk of Material Detection Risk TM level Misstatement Moderate High Low Moderate 2234 Low Very low Low Very low

The CPA firm of Quigley & Associates uses a qualitative approach to implementing the audit risk model. Audit risk is categorized using two terms: very low and low. The risk of material misstatement and detection risk are categorized using three terms: low, moderate, and high. Determine detection risk and TM level for each of the following hypothetical clients. Client No. Audit Risk Risk of Material Detection Risk TM level Misstatement Moderate High Low Moderate 2234 Low Very low Low Very low

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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