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ACC 410 Quiz 4 chapter 9

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ACC 410 Quiz 4 chapter 9 If planned detection risk is reduced, the amount of evidence the auditor accumulates will: 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: Auditing standards ________ that the basis used to determine the preliminary judgment about materiality be documented in the audit files. 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: If an auditor establishes a relatively high level for materiality, then the auditor will: Auditors typically rely on internal controls of their private company clients: The risk that audit evidence for a segment will fail to detect misstatements exceeding performance materiality levels is: Inherent risk is ________ related to detection risk and ________ related to the amount of audit evidence. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely: When dealing with audit risk: The measurement of the auditor’s assessment of the likelihood that there are material misstatements due to error or fraud in a segment before considering the effectiveness of internal controls is defined as: Why do auditors establish a preliminary judgment about materiality? Auditors are ________ to document the known and likely misstatements in the financial statements under audit. 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:

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