Which of the following is the risk that one or more material misstatements might not be detected or prevented on a timely basis by the internal control systems of the company? Inherent risk Detection risk Control risk Realized risk Solution The correct answer is: Control risk Correct Hide solution Question 2 Which of the following presents a situation that may have involved management pressure? When the accountant write checks to himself or herself When the CEO is ignorant When the cashier makes the payments without the approval of the manager When the CEO approves creative accounting procedures Solution The correct answer is When the CEO approves creative accounting procedures Wrong Hide solution Question 3 Which of the following is the risk that an audit might not be capable of detecting a material misstatement? Detection risk Realized risk
Control risk Inherent risk Solution The correct answer is: Detection risk Wrong Hide solution Question 4 Which of the following may result from gathering additional audit evidence? Client conflict Less accurate assessment of control risk More accurate assessment of control risk Increased detection risk Solution The correct answer is More accurate assessment of control risk Correct Hide solution Question 5 Which of the following is the risk that a financial statement is susceptible to a material misstatement? Inherent risk Detection risk Control risk Realized risk Solution The correct answer is:
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