16. An audi was received. tor performs a test to determine whether all merchandise for which the client was billed The population for this test consists of all a. b, c. d. Merchandise received Vendors' invoices Canceled checks Receiving reports Questions 17 to 20 are based on the following: MOST directly to each of the Identify which of the following audit risk model components relate following fo at all. ur statements. An audit risk model component may be used once, more than once, or not The audit risk components are: Answer choice Audit Risk Model Component Acceptable audit risk Inherent risk Control risk Planned detection risk he four statements are: The assigned staff on the engagement has no auditing knowledge and, thus, cannot identify material misstatements in the financial statements. The client fails to detect employee theft of cash from the cash register because there is no daily reconciliation between the cash in the cash register and the sales for the day The client lacks cash and is unlikely to continue in business in the near future. The client engages in several large transactions with companies owned by family members of the chief financial officer