Question

The assessment of risk of material misstatement can be:?

1) I. expressed in quantitative terms, such as percentages.
2) II. expressed in qualitative terms, such as "high," "medium," or "low."
3) III. assessed at the financial statement level.
4) IV. assessed at the relevant assertion level.

Answer 1

The assessment of risk of material misstatement can be expressed in quantitative or qualitative terms, assessed at the financial statement level or at the relevant assertion level.

Step-by-step explanation:

The assessment of risk of material misstatement can be:

1. I. expressed in quantitative terms, such as percentages.
2. II. expressed in qualitative terms, such as "high," "medium," or "low."
3. III. assessed at the financial statement level.
4. IV. assessed at the relevant assertion level.