It is acceptable under generally accepted auditing standards for an audit team to a. Assess risk of

Question:

It is acceptable under generally accepted auditing standards for an audit team to
a. Assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive substantive tests.
b. Assess control risk at zero and perform a minimum of detection work.
c. Assess inherent risk at zero and perform a minimum of detection work.
d. Decide that audit risk can be 40 percent.