← Back to Auditing

Auditing

Lecture 7 & 8

Audit risk, inherent and control risk, internal controls, substantive procedures, and audit sampling.

Question 24 of 57

Why does ISA 330 require substantive procedures irrespective of the assessed risks?

Pick one: press 1-4 on your keyboard or click an option.
A

Because sampling is prohibited

B

Because external confirmations are always mandatory

C

Because management representations are sufficient by themselves

D

Because risk assessment is judgmental and internal control has inherent limitations