AUDITING & ASSURANCE SERVICES CONNECT AC
AUDITING & ASSURANCE SERVICES CONNECT AC
10th Edition
ISBN: 9781259292057
Author: MESSIER
Publisher: MCG
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Chapter 14, Problem 14.20MCQ
To determine

Concept Introduction:

Assets are the most valuable item for a company. The company applies controls over assets for its safeguard and detection of assets frauds. The auditor also tests these controls to determine the nature and extent of the audit procedures applied for audit of assets.

Audit risk is a risk that audit may provide an inappropriate opinion on the basis of his findings during the audit. There are some inherent risks and avoidable risk which result in an audit risk.

To choose: The action of the auditor if the control risk is low.

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