Acceptable audit risk is ordinarily set by the auditor during planning and:
A) varies by each major cycle and by each account.
B) holds constant for each major cycle and account.
C) varies by each major cycle but is constant by account.
D) holds constant for each major cycle but varies by account.

Question

Quizplus · Accepted Answer

Acceptable audit risk is typically set at a constant level for the entire audit engagement, not varying by cycle or account, to ensure consistency in the auditor's approach to assessing risk across the audit.

Acceptable Audit Risk Is Ordinarily Set by the Auditor During