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AUD > Module 2 - Engagement Planning > Flashcards

Module 2 - Engagement Planning Flashcards

1
Q

What is the formula for Audit Risk?

A

Inherent RiskControl RiskDetection Risk

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2
Q

What is the formula for Risk of Material Misstatement?

A

Inherent Risk * Control Risk

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3
Q

What is performance materiality?

A

When the aggregate of immaterial mistatements make up a material misstatement.

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AUD (31 decks)

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