What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?

Auditing Mcqs Introduction to Auditing 24/12/2021

A. The auditor has ascertained that the balance is materially correct when in actual fact it is not
B. The auditor concludes the balance is materially misstated when in actual fact is not
C. The auditor has rejected an item from sample which was not supported by documentary evidence
D. He applies random sampling on data which is inaccurate and inconsistent

Related Mcqs:

    Internal check is carried on by___________?
    A. Staff specially appointed for the purpose B. Internal auditor C. Supervisor of the staff D. Members of the staff...
    Errors of Omission are_____________?
    A. Technical errors B. Errors of principle C. Compensating errors D. None of the above...
    Goods sold on the basis of ‘sales or return ‘ should:
    A. Be included in the stock B. Not be included in the stock C. Not be checked by auditor D. None of the above...
    Of the following, which is the least persuasive type of audit evidence?
    A. Bank statements obtained from the client B. Documents obtained by auditor from third parties directly. C. Carbon copies of sales invoices inspected by the auditor D. Computations made by the auditor...
    The working papers which auditor prepares for financial statements audit are___________?
    A. Evidence for audit conclusions B. Owned by the client C. Owned by the auditor D. Retained in auditor’s office until a change in auditors...

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