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Auditing

Lecture 7 & 8

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

Question 7 of 57

What is control risk?

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

The risk that a material misstatement is not prevented, or detected and corrected on a timely basis by internal control

B

The risk that the financial statements are misstated after the audit

C

The risk that the auditor uses the wrong sample size

D

The risk that management overrides the audit opinion