The risk that the assertion contains material misstatements that, when aggregated with misstatements in other assertions, could make the entire financial statements materially misstated is:Select one:a.Inherent riskb.Detection riskc.Individual audit riskd.Control risk

Risks of material misstatement at the financial statement level refer to risks that relate to the inherent limitation of audit of financial statements.Select one:TrueFalse

Assertions used by the auditor to consider the different types of potential misstatements that may occur are only assertions about classes of transactions and events for the period under audit.Select one:TrueFalse

In evaluating the fair presentation of the financial statements the auditor should assess whether the aggregate of all identified uncorrected misstatements and projected errors is material.Group of answer choicesTrueFalse

According to PSA 400 - Risk Assessments and Internal Control, audit risk meansSelect one:a.The risk that an auditor's substantive procedures will not detect a misstatement that exists in an account balance or class of transactions that could be material, individually or when aggregated with misstatements in other balances or classes.b.The risk that the auditor gives an inappropriate audit opinion when the financial statements are materially misstated.c.The risk that a misstatement, that could occur in an account balance or class of transactions and that could be material, individually or when aggregated with misstatements in other balances or classes, will not be prevented or detected and corrected on a timely basis by the accounting and internal control systems.d.The susceptibility of an account balance or class of transactions to misstatement that could be material, individually or when aggregated with misstatements in other balances or classes, assuming that there were no related internal controls.Clear my choice

In conducting an audit of financial statements, the overall objectives of the auditor are:I : To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework;II : To report on the financial statements, and communicate as required by the PSAs, in accordance with the auditor's findings.Select one:a.Both I and IIb.Neither I nor IIc.II onlyd.I only