Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity. To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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Answer 1

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Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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What is audit risk? Briefly explain how the concepts of audit risk and materiality are related.

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Answer 2

Question

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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Answer 3

Question

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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Answer 4

Question

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

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Answer 5

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

Answer 6

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

Answer 7

Chapter 7, Problem 11RQSC

To determine

Introduction: Materiality is the importance of the key element in a statement based on which the conclusion of the statement lies upon and Audit risk is the risk that the opinion of the Auditor may be incorrect as the Auditor also can conclude at wrong side of the activity.

To Explain: The concepts of audit risk, detection risk and materiality are inter related.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 7 - Prob. 1CYBK Ch. 7 - Prob. 2CYBK Ch. 7 - Prob. 3CYBK Ch. 7 - Prob. 4CYBK Ch. 7 - Prob. 5CYBK Ch. 7 - Prob. 6CYBK Ch. 7 - Prob. 7CYBK Ch. 7 - Prob. 8CYBK Ch. 7 - Prob. 9CYBK Ch. 7 - Prob. 10CYBK

Solution Summary: The author explains that audit risk, detection risk and materiality are interrelated. Audit risk is the risk that the opinion of the Auditor may be incorrect.

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