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Author Question: Which of the following is an accurate statement regarding audit risk, audit failure, and business failure? (Read 96 times)

Emmejo01

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on: Aug 21, 2022

Question 1

A(n) ________ failure occurs when an auditor issues an erroneous opinion because it failed to comply with requirements of auditing standards.
◦ business
◦ audit
◦ ethics
◦ process

Question 2

Which of the following is an accurate statement regarding audit risk, audit failure, and business failure?
◦ Audit risk is always avoidable if the audit is conducted in accordance with generally accepted auditing standards.
◦ Because auditors gather evidence on a test basis, and because well-concealed frauds are difficult to detect, audit risk is unavoidable.
◦ Legal precedent makes it easy to determine who has the right to recover losses in the event of an audit failure.
◦ A business failure will always result in an audit failure.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Emmejo01 on Aug 21, 2022

kalimarie

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Reply #1 on: Aug 21, 2022
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Emmejo01

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Reply 2 on: Aug 21, 2022
Wow, this really help

jamesnevil303

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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