Professional Documents
Culture Documents
William C. Boynton
California Polytechnic State
University at San Luis Obispo
Raymond N. Johnson
Portland State University
– Completeness
– Valuation or Allocation
D. Valuation or Allocation
Study Break
2. ________ is defined as the susceptibility
of an assertion to a material
misstatement assuming there are no
internal controls.
A. Inherent risk
B. Control risk
C. Detection risk
D. Audit risk
A. Inherent risk
Phase III – Respond to Assessed
Risks
• Staffing and Supervision
• Tests of Controls
• Substantive Tests
Phase V – Evaluate Evidence
• Reevaluate Risk Assessment
Procedures
C. Evaluating Evidence
Study Break
4. Other required communications include
all of the following except:
A. Disagreements with management
B. Significant audit adjustments
C. Consultation with other accountants
D. Assessment of management
performance
D. Assessment of management
performance