Economics · Audit Risk and Sampling
Consider the following statements regarding audit samples and audit risk components: 1. When audit samples are more representative, inherent risk is reduced. 2. When audit samples are more representative, control risk is reduced. 3. When audit samples are more representative, detection risk is reduced. Which of the following combinations correctly identifies the true and false statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are FALSE
- 2Statement 1 is TRUE; Statement 3 is FALSE
- 3Statement 2 is TRUE; Statement 3 is FALSE
- 4Statement 3 is TRUE; Statements 1 and 2 are FALSE✓
Correct answer
Statement 3 is TRUE; Statements 1 and 2 are FALSE
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