Q1 . As the acceptable level of detection risk decreases, an auditor may: A eliminate the assessed level of inherent risk from consideration as a planning factor. B postpone the planned timing of substantive tests from interim dates to year-end. C reduce substantive testing by relying on the assessments of inherent risk and control risk. D lower the assessed level of control risk from high to low.

	Q4. An auditor most likely would make inquiries of production and sales personnel concerning possible obsolete or slow-moving inventory to support managements financial statement assertion of:
A	presentation and disclosure.
B	rights and obligations.
C	valuation or allocation.
D	existence or occurrence.