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b. As lower acceptable levels of both audit risk and materiality are established, the auditor should plan more work on individual accounts to(1) find smaller misstatements.(2) find larger misstatements.(3) increase the tolerable misstatement in the accounts.(4) increase materiality in the accounts.c. Based on evidence gathered and evaluated, an auditor decides to increase the assessed level of control risk from that originally planned. To achieve an overall audit risk level t9-24 (Objective 9-9)The following questions deal with audit risk and evidence. Choose the best response.
a. When considering internal control, an auditor must be aware of the concept of reasonable assurance, which recognizes that theb. Actions, policies, and procedures that reflect the overall attitude of management, directors and owners of the entity about internal control relate to which of the following intc. Vendor account reconciliations are performed by three clerks in the accounts payable department on Friday of each week. The accounts payable supervisor reviews the comp(1) Control activities(2) Information and communication(3) Risk assessment(4) Monitoring