To ensure that a high level of assurance is provided by the audit opinion, what must the auditor do? Select one: a. Plan and execute the audit to ensure an acceptably low level of audit risk is achieved b. Plan and execute the audit to ensure an acceptably low level of inherent risk is achieved. c. Plan and execute the audit to ensure an acceptably low level of detection risk is achieved d. Plan and execute the audit to ensure an acceptably low risk of material misstatement is achieved OO An auditor considers two factors in understanding business risks. What are they? Select one O a. The likelihood of a risk occurring and the materiality of the risk N b. The likelihood of the risk occurring and the type of risky 0 di The likelihood of a risk occurring and the magnitude the risk. e di The magnitude of the risk and the type of risk Management has decided that the life of a plece of heavy equipment should be decreased from 15 years to 10 years, thus incre Brinual amortization. The auditor agrees that this amortization period is more reflective of the nature of the asset. The type of a