When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s A B C D · Understanding of the entity’s internal control structure Yes Yes No Yes · Conclusion that control risk is less than high No Yes Yes Yes · Basis for the conclusion that control risk is less than high Yes Yes No No a. D b. B c. C d. A
When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s A B C D · Understanding of the entity’s internal control structure Yes Yes No Yes · Conclusion that control risk is less than high No Yes Yes Yes · Basis for the conclusion that control risk is less than high Yes Yes No No a. D b. B c. C d. A
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
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 40CYBK
Related questions
Question
When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s
|
A |
B |
C |
D |
· Understanding of the entity’s internal control structure |
Yes |
Yes |
No |
Yes |
· Conclusion that control risk is less than high |
No |
Yes |
Yes |
Yes |
· Basis for the conclusion that control risk is less than high |
Yes |
Yes |
No |
No |
a. D
b. B
c. C
d. A
![• When control risk is assessed at less than high for all financial
statements assertions, an auditor should document the auditor's
A B
D
Understanding of the entity's
Yes
Yes
No
Yes
internal control structure
Conclusion that control risk is less
No
Yes
Yes
Yes
than high
Basis for the conclusion that control
Yes
Yes
No
No
risk is less than high](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b647de8-2f5b-442c-b449-00701c4fb709%2F68db487a-1e26-49fd-b375-ae6d8ab0aa27%2F7y01iu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:• When control risk is assessed at less than high for all financial
statements assertions, an auditor should document the auditor's
A B
D
Understanding of the entity's
Yes
Yes
No
Yes
internal control structure
Conclusion that control risk is less
No
Yes
Yes
Yes
than high
Basis for the conclusion that control
Yes
Yes
No
No
risk is less than high
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