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(URGENT) Hi! Please answer all questions correctly. I will give a good rating. Thank you a lot!!. Please dont reanswer if you answered before.! 1.
(URGENT) Hi! Please answer all questions correctly. I will give a good rating. Thank you a lot!!. Please dont reanswer if you answered before.!
1. The auditor can control: a. Control risk b. Both detection and control risk c. Both inherent and sampling risk d. Detection risk e. Inherent risk Please choose the correct answer (only one answer): 2. What is the implication when the auditor sets audit risk at 2% ? a. None of the answers is correct b. The auditors only accept a 2% chance of expressing a wrong opinion c. The auditor is 98% confident that the audit opinion is correct d. Audit procedures will detect a material misstatement and the auditor is 98% confident on this. e. Audit procedures may not detect a material misstatement and the auditor is willing to take only a 2% chance 3. How will the auditor respond if he/she assesses control and inherent risk of the client as low? a. Auditors will perform a relatively small number of substantive procedures b. Auditors will re-evaluate the acceptable level of audit risk c. Auditors will not perform any substantive procedures d. Auditors will perform no tests of control because the control risk is low e. Auditors will not respond in this situation Please choose the correct answer (only one answer): 4. Auditors match recorded purchase transactions in the purchases journal to suppliers invoices and goods received notes to obtain primary evidence regarding: a. Completeness b. Ownership c. Valuation d. Occurrence e. Accuracy Please choose the correct answer (only one answer)Step by Step Solution
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