Auditing standards have been criticized by different sources forfailing to provide useful guidelines for conducting an audit. The critics believe thestandards should be more specific to enable practitioners to improve the quality of theirperformance. As the standards are now stated, some critics believe that they provide littlemore than an excuse to conduct inadequate audits. Evaluate this criticism of auditingstandards

Risk of incorrect rejection is defined as _______.      the risk that the auditor concludes that a material misstatement does not exist when it does exist     the risk that the auditor concludes that a material misstatement exists when it does not exist     the risk that an auditor incorrectly rejects a client     the risk that management may reject the audit opinion issued by the auditor   An advantage of statistical sampling _______.     is that it allows an auditor to measure control risk     is that it allows an auditor to measure sampling risk     is that it allows an auditor to measure inherent risk     is that it is cheaper to perform, resulting in lower audit fees for the client

The auditor is typically concerned with two major types of mistakes that materially impact the financial statements when testing controls and when performing substantive testing. Identify the pair of the major mistakes as:   A) Risk of Assessing Control Risk Too Low/Risk of Incorrect Rejection B) Risk of Assessing Control risk Too High/Risk of Incorrect Rejection C) Risk of Assessing Control Risk Too Low/Risk of Incorrect Acceptance

Which of the following is least likely to be considered an appropriate response relating to risks the auditors identify at the financial statement level? Assign more experienced staff, Incorporate additional elements of unperdictability in the selection of audit procedures, Increase the scope of auditor procedures, Emphasize the need to remain neutral, rather than to excercise professional skepticism