Auditing A Risk Based Approach
Quiz 7: Planning the Audit: Identifying and Responding to the Risks of Material Misstatement
Inherent and control risks are risk controlled by the auditor.
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When the risk of material misstatement is heightened, the auditor increases the extent of audit procedures and requires more evidence.
A risk factor indicating a heightened risk of fraud would be considered a significant risk.
The existence of one or more risk factors means that there is a material misstatement present.
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