Which of the following are one of the factors that should be considered when the auditor determines their acceptable audit risk?

a)	All of the responses provided are correct

b)	Users of the audited financial statements

c)	Type of business

d)	Susceptibility of assets to misappropriation

e)	Client's controls

2.

Which of the following is not a key reason why auditors assess control risk?

a)	It is required by Generally Accepted Auditing Standards

b)	If the control risk is assessed at low, this may potentially reduce the amount of substantive testing required

c)	All of the responses are not key reasons

d)	To assess the inherent risk

e)	All of the responses are key reasons

3. Which audit objective does the following relate to? The inventory at year-end is being audit tested to ensure the selling price is higher than the inventory cost.

a)

Existence

b)	Completeness

c)

Valuation

d)

Accuracy

e)

Cut-off