When control risk is assessed at less than high for all financial statements assertions, an auditor should document the auditor’s ABCD· Understanding of the entity’s internal control structureYesYesNoYes· Conclusion that control risk is less than highNoYesYesYes· Basis for the conclusion that control risk is less than highYesYesNoNoGroup of answer choicesBCAD

An Auditor understanding of its environment, it's entity and then assessing the risk of material in…

Answered: high for all financial statements…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter7: Planning The Audit: Identifying, And Responding To The Risk Of Material Misstatement

Section: Chapter Questions

Problem 21MCQ

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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

Group of answer choices

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