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Assessing Auditing Risks
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Assessing Auditing Risks

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Questions and Answers

Which of the following is NOT a factor to consider when assessing the risks of material misstatement?

  • Financial reporting framework
  • Regulatory factors
  • Internal control systems (correct)
  • Industry factors

    • What is the purpose of assessing the risks of material misstatement in auditing?

  • To determine the nature of the entity
  • To identify fraud and errors (correct)
  • To evaluate internal control systems
  • To review financial performance

    • What is the main focus of Module 3 in the ACT155 Auditing Elective?

  • Assessing internal control systems (correct)
  • Understanding the entity's financial performance
  • Identifying industry factors
  • Reviewing the financial reporting framework

    • Which of the following is NOT a basic concept or element of internal control?

    <p>Measurement of financial performance</p> Signup and view all the answers

    What is the purpose of discussing significant risks among the engagement team in auditing?

    <p>To prioritize audit procedures</p> Signup and view all the answers

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