Quiz #3_solutions.pdf

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Department
Accounting
Course
ACCTG456
Professor
Trish Stringer
Semester
Winter

Description
N a m eI D 1 An auditor has gained a detailed understanding of the clients system of internal controls and has conducted extensive tests of those controlsShe later assesses control risk as lowWhat is she planning to perform a an audit of financial controls b a combined audit strategy c a substantive audit strategy d a modified audit strategy 2 When Betty discovered she had a low risk client with low inherent risk and low control risk how did she set her detection risk a low b high c medium d detection risk is not related to inherent risk and control risk 3 When a control is effective the next step is to a identify what could go wrong b test the control c perform a walkthro
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