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Author Question: Which of the following statements regarding inherent risk is correct? (Read 136 times)

Darron12

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on: Aug 21, 2022

Question 1

Which of the following is not a primary consideration when assessing inherent risk?
◦ nature of client's business
◦ existence of related parties
◦ effectiveness of internal controls
◦ susceptibility to misappropriation of assets

Question 2

Which of the following statements regarding inherent risk is correct?
◦ Inherent risk is unaffected by the auditor's experience with client's organization.
◦ Most auditors set a low inherent risk in the first year of an audit and increase it if experience shows that it was incorrect.
◦ Most auditors set a high inherent risk in the first year of an audit and reduce it in subsequent years as they gain more knowledge about the company.
◦ Inherent risk is dependent upon the strengths in client's internal control system.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Darron12 on Aug 21, 2022

ryanb

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Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Darron12

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

Joy Chen

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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