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Audit risk at the assertion level consists of inherent risk, control risk, and detection risk. Which of the following statements is true?AnswersA.The risk that material misstatement will not be timely prevented or detected by internal control can be reduced to zero by effective controls.B.Detection risk is a function of the efficiency of an auditing procedure.C.The existing levels of inherent risk, control risk, and detection risk can be changed at the discretion of the auditor.D.Cash has a greater inherent risk than an inventory of coal because it is more susceptible to theft.
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