The existence of audit risk is recognized by the

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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
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Chapter 17 / Exercise 2
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
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67. The existence of audit risk is recognized by the statement in the independent auditor s standard report that the auditora.Obtains reasonable assurance about whether the financial statements are free of material misstatement.b.Assesses the accounting principles used and also evaluates the overall financial statement presentation.c.Realizes some matters, either individually or in the aggregate, are important while other matters are not important.d.Is responsible for expressing an opinion on the financial statements, which are the responsibility of management.
68. The risk that an auditor will conclude, based on audit tests, that a material misstatement does not exist in an account balance when, in fact, such misstatement does exist is referred to as
69. Inherent risk and control risk differ from detection risk in that inherent risk and control risk are
70. Inherent risk and control risk differ from detection risk in that they
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South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
The document you are viewing contains questions related to this textbook.
Chapter 17 / Exercise 2
South-Western Federal Taxation 2020: Corporations, Partnerships, Estates and Trusts
Raabe/Young/Nellen/Hoffman
Expert Verified

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