Control risk should be assessed in terms of
A) Specific controls.
B) Types of potential fraud.
C) Financial statement assertions.
D) Control environment factors.

Question

Quizplus · Accepted Answer

Control risk is assessed in terms of financial statement assertions because it relates to the risk that a material misstatement could occur in a financial statement assertion and not be prevented or detected on a timely basis by the entity's internal controls.

Control Risk Should Be Assessed in Terms of