Explain why inherent risk is set for audit objectives for segments (classes of transactions, balances, and related disclosures) rather than for the overall audit.
ASSIGNMENT Why is it important to distinguish the auditor’s assessment of the risk of material misstatement due to fraud from the assessment of the risk of material misstatement due to error? How should the auditor consider risks related to revenue recognition when assessing the risk of material misstatement due to fraud? What types of inquiries […]