Reduce substantive testing by relying on the assessments

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Reference no: EM133363194

Question: The following questions deal with audit risk and evidence. Choose the best response. a. As the acceptable level of detection risk decreases, an auditor may

(1) reduce substantive testing by relying on the assessments of inherent risk and control risk.

(2) postpone the planned timing of substantive tests from interim dates to the year-end

(3) eliminate the assessed level of inherent risk from consideration as a planning factor.

(4) lower the assessed level of control risk from the maximum level to below the maximum.

Reference no: EM133363194

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