COMPANY A COMPANY B Controls are strong Controls are weak If an audit of any of these companies is performed according to the AICPA auditing standards, and the auditor does not have time to test controls or determine that it is too costly to test controls, the auditor will: COMPANY A COMPANY B A Assess Control Risk LOW Assess Control Risk LOW B Assess Control Risk LOW Assess Control Risk HIGH C Assess Control Risk HIGH Assess Control Risk LOW D Assess Control Risk HIGH Assess Control Risk HIGH Group of answer choices
COMPANY A COMPANY B Controls are strong Controls are weak If an audit of any of these companies is performed according to the AICPA auditing standards, and the auditor does not have time to test controls or determine that it is too costly to test controls, the auditor will: COMPANY A COMPANY B A Assess Control Risk LOW Assess Control Risk LOW B Assess Control Risk LOW Assess Control Risk HIGH C Assess Control Risk HIGH Assess Control Risk LOW D Assess Control Risk HIGH Assess Control Risk HIGH Group of answer choices
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter8: Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, And Data Analytics Tools
Section: Chapter Questions
Problem 8CYBK
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| COMPANY A | COMPANY B |
| Controls are strong | Controls are weak |
If an audit of any of these companies is performed according to the AICPA auditing standards, and the auditor does not have time to test controls or determine that it is too costly to test controls, the auditor will:
| COMPANY A | COMPANY B | |
| A | Assess Control Risk LOW | Assess Control Risk LOW |
| B | Assess Control Risk LOW | Assess Control Risk HIGH |
| C | Assess Control Risk HIGH | Assess Control Risk LOW |
| D | Assess Control Risk HIGH | Assess Control Risk HIGH |
Group of answer choices
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