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CE2 - ACC419 AUDITING THEORY Spring 2010 Class Experience...

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ACC419 – AUDITING THEORY Spring 2010 Class Experience# 2 (Chapters 3 and 4) Name ___________________________ Section 1 or 2 1. Engagement risk is: A. The risk of issuing an incorrect audit opinion B. The auditor's risk of loss from events arising in connection with financial statements audited and reported upon C. The overall risk of material misstatements D. The risk of entity financial failure 2. The achieved (actual) level of audit risk A. Can always be accurately assessed by the auditor B. Should be greater than or equal to acceptable audit risk C. Can never be known with certainty D. Is the same for all audit clients 3. The risk that an auditor will conclude, based on substantive procedures, that a material error does not exist in an account balance when, in fact, such error does exist is referred to as A. Sampling risk B. Detection risk C. Nonsampling risk D. Inherent risk
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