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The diagram below depicts four different scenarios that could result from an audit on the left hand side is the auditors pitons (either the auditor

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The diagram below depicts four different scenarios that could result from an audit on the left hand side is the auditors pitons (either the auditor detect a material misstatement or they do not on the top in the actual unknowne of the main statements Use this table to answer both questions below Actual (Unknown) State of F/S No Material Misstatement Material Misstatement Unmodified (Clean) Opinion from Auditor A Modified Opinion from Auditor (Misstatement Identified) B D A section of the table can be used more than once or not at all. Which section of the table relates to: (a) Audit risk. Select (b) Greatest litigation potential for auditor. Select)

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