An auditor learns that a client's employee in control of inventory gets divorced and is responsible for paying a large amount of child support. All of the following for the audit of inventory likely are true except:
A. fraud risk increases.
B. risk of material misstatement increases.
C. detection risk increases.
D. the risk of misappropriation of assets increases.
Answer: C
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__________ means performing different activities from rivals or performing similar ones in different ways.
A. Competitive planning B. Distinctive positioning C. Collaborative planning D. Strategic segmentation E. Strategic positioning
The accumulation of which potential misstatements to accumulate for the purpose of assessing the materiality of misstatements is often based on whether items are considered clearly trivial
a. True b. False Indicate whether the statement is true or false
What makes holographic wills suspect?
A. They are not properly witnessed. B. They are typed by the testator and signed by him or her. C. They are oral wills. D. They are not written and signed in the testator's handwriting.
Abco Corp is building a new office tower. Ace Plumbing Supplies refuses to provide plumbing materials on credit to the plumbing subcontractor on the building. Abco promises Ace that it will pay for the materials if the subcontractor does not. Abco's oral promise is enforceable
a. True b. False Indicate whether the statement is true or false