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Questions and Answers
Which of the following is NOT a factor to consider when assessing the risks of material misstatement?
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?
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?
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?
Which of the following is NOT a basic concept or element of internal control?
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What is the purpose of discussing significant risks among the engagement team in auditing?
What is the purpose of discussing significant risks among the engagement team in auditing?
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