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Match the terms (1-9) with the definitions provided below. 1. Business risk 2. Preliminary judgment about materiality 3. Inherent risk 4. Detection risk 5. Audit
Match the terms (1-9) with the definitions provided below. 1. Business risk 2. Preliminary judgment about materiality 3. Inherent risk 4. Detection risk 5. Audit assurance 6. Audit risk 7. Tolerable misstatement 8. Control risk 9. Materiality [Choose ] 1. The magnitude of an omission or misstatement of accounting information that makes it probable that the judgment of a reasonable person would have been changed. [Choose ] 2. A measure of the auditor's assessment of the likelihood that there are material misstatements before considering the effectiveness of internal control [Choose ] 2. A measure of the auditor's assessment of the likelihood that there are material misstatements before considering the effectiveness of internal control. [ Choose ] 3. A measure of how much risk the auditor is willing to take that the financial statements may be materially misstated after the audit is completed and an unqualified audit opinion has been issued. 4. The materiality allocated to any given account balance. [ Choose ] > [ Choose ]
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