n 47 The final result of every audit is a objectives. that details the audit scope and ed out of a. Written audit report b. None of the options O c. Internal control report O d. Report of management performance n 48 d out of Audit risk is the risk of the auditor giving an inappropriate opinion on the financial statements, i.e. there are material misstatements present in the financial statements. You are required to choose from the following the type of risk that arises due to the nature of the client business or industry and its types of transactions. a. Detection risk b. Business risk O c. Control risk O d. Inherent risk 49 Which of the following phase, auditors assess the adequacy of internal controls and compliance, testing of transactions, records, and resources, and performing other procedures necessary to accomplish the objectives of the audit. out of O a. Fieldwork O b. Reporting O c. All the options O d. Planning 50 A professional accountant should not allow bias, conflict of interest or undue influence of others. It means ut of a. Integrity O b. Confidentiality O c. Objectivity d. Professional behavior