When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s A B C D · Understanding of the entity’s internal control structure Yes Yes No Yes · Conclusion that control risk is less than high No Yes Yes Yes · Basis for the conclusion that control risk is less than high Yes Yes No No a. D b. B c. C d. A
When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s A B C D · Understanding of the entity’s internal control structure Yes Yes No Yes · Conclusion that control risk is less than high No Yes Yes Yes · Basis for the conclusion that control risk is less than high Yes Yes No No a. D b. B c. C d. A
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
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 40CYBK
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Question
When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s
|
A |
B |
C |
D |
· Understanding of the entity’s internal control structure |
Yes |
Yes |
No |
Yes |
· Conclusion that control risk is less than high |
No |
Yes |
Yes |
Yes |
· Basis for the conclusion that control risk is less than high |
Yes |
Yes |
No |
No |
a. D
b. B
c. C
d. A
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