Identify which items are audit conclusions resulting from application of audit procedures and requiring professional judgment.
The following are concepts discussed in Chapter 8 and this chapter: 1. Preliminary judgment about materiality 7. Estimated total misstatement in a segment 2. Control risk 8. Planned detection risk 3. Risk of fraud 9. Estimate of the combined misstatement 4. Inherent risk 10. Significant risk 5. Risk of material misstatements 11. Acceptable audit risk […]