Question
(TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following? 1 The risk that the
(TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following?
1 The risk that the audit procedures implemented will not detect a material misstatement of a financial statement assertion
2 The risk that the internal control system will not detect a material misstatement of a financial statement assertion
3 The internal audit department's objectivity in reporting a material misstatement of a financial statement assertion it detects to the audit committee
4 The susceptibility of a financial statement assertion to a material misstatement assuming there are no related controls
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