It is acceptable under generally accepted auditing standards for an audit team to
a. assess inherent risk at zero and perform a minimum of detection work
b. assess control risk at zero and perform a minimum of detection work
c. decide that audit risk can be 40 percent
d. assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive detection work
Answer: d. assess risk of material misstatement at high and achieve an acceptably low audit risk by performing extensive detection work
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