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21 Which of the following statements is true? Inherent risk is the susceptibility of an assertion to material misstatement before consideration of any related controls.
21
Which of the following statements is true? Inherent risk is the susceptibility of an assertion to material misstatement before consideration of any related controls. Inherent risk assessment is affected by internal factors but not external factors. During the risk assessment phase, auditors will perform audit procedures to identify transactions and accounts where the risk of material misstatement is lowest. It is possible to eliminate audit riskStep by Step Solution
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