The auditor assesses control risk and inherent risk.On a typical engagement, the auditor would be LEAST likely to assess these for:
A) each audit objective.
B) each cycle.
C) the overall audit.
D) each account.

Question

Quizplus · Accepted Answer

Assessing control risk and inherent risk for the overall audit is typically only done in certain circumstances, such as when performing a review of interim financial information. In most cases, the auditor would assess control risk and inherent risk for each audit objective, cycle, and account to properly evaluate the risk of material misstatement.

The Auditor Assesses Control Risk and Inherent Risk