Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following statements is not true? Inherent risk is inversely related to the amount of audit evidence whereas detection risk is directly related

image text in transcribed
Which of the following statements is not true? Inherent risk is inversely related to the amount of audit evidence whereas detection risk is directly related to the amount of audit evidence required. Inherent risk is directly related to evidence whereas detection risk is inversely related to the amount of audit evidence required. Inherent risk is the susceptibility of the financial statements to material error, assuming no internal controls. Inherent risk and control risk are assessed by the auditor and function independently of the financial statement audit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting An Introduction

Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan

5th Edition

0273733206, 978-0273733201

More Books

Students also viewed these Accounting questions

Question

Understand the requirements for diversity management

Answered: 1 week ago

Question

How would a TM strategy help this company?

Answered: 1 week ago

Question

Outline key ideas in human resource accounting

Answered: 1 week ago