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ACC 403 Quiz 4 Chapter 9



ACC 403 Quiz 4 Chapter 9 The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. Auditors generally allocate the preliminary judgment about materiality to the: If an auditor establishes a relatively high level for materiality, then the auditor will: Auditors frequently refer to the terms audit assurance, overall assurance, and level of assurance to refer to ________. Auditors typically rely on internal controls of their private company clients: Why do auditors establish a preliminary judgment about materiality? Inherent risk and control risk: As the risk of material misstatement increases, detection risk should: When management has an adequate level of integrity for the auditor to accept the engagement but cannot be regarded as completely honest in all dealings, auditors normally: As the acceptable level of detection risk increases, an auditor may change the: When the auditor is attempting to determine the extent to which external users rely on a client’s financial statements, they may consider several factors except for: When auditors allocate the preliminary judgment about materiality to account balances, the materiality allocated to any given account balance is referred to as: If it is probable that the judgment of a reasonable person will be changed or influenced by the omission or misstatement of information, then that information is, by definition of FASB Statement No. 2: When taken together, the concepts of risk and materiality in auditing: Inherent risk is ________ related to detection risk and ________ related to the amount of audit evidence.


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