audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.
audit function: a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the audit process. b) Risk assessment enables flexibility in approaching audits and the performance of control testing. c) Risk assessment enables an orderly approach to conducting audits. d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following BEST (select one) describes why risk assessment can be viewed as the foundation of the audit function:
a) Risk assessment provides a framework for allocating limited resources to achieve maximum benefits and value derived from the
b) Risk assessment enables flexibility in approaching audits and the performance of control testing.
c) Risk assessment enables an orderly approach to conducting audits.
d) Rsk assessment provides for a measurement criteria to evaluate audit results and communicate to management.
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