ACCA 2026 AA Audit Assurance Audit Risk Free Quiz 3

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ACCA 2026 AA Audit Assurance Audit Risk Free Quiz 3

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ACCA 2026 AA Audit Assurance Audit Risk Free Quiz 3

Practice ACCA 2026 AA Audit Assurance MCQs from Audit Risk. Get instant results with Explanation.

General10 MCQs

1. What is performance materiality?

A. Performance materiality is the same as materialityB. Performance materiality is set at a lower amount than materialityC. Performance materiality is higher than materialityD. Performance materiality is not used in audit planning

2. What is audit risk?

A. Audit risk is the risk that the auditor will be suedB. Audit risk is the risk of expressing an inappropriate opinion on materially misstated financial statementsC. Audit risk is the same as business riskD. Audit risk is always zero

3. What is the audit risk model?

A. Audit risk = Inherent risk + Control risk + Detection riskB. Audit risk = Inherent risk - Control risk - Detection riskC. Audit risk = Inherent risk × Control risk × Detection riskD. Audit risk = Inherent risk / Control risk / Detection risk

4. What is inherent risk?

A. Inherent risk is the susceptibility to misstatement without considering controlsB. Inherent risk is the same as control riskC. Inherent risk is the risk that controls will not prevent or detect misstatementsD. Inherent risk is the risk that the auditor will not detect a misstatement

5. What is control risk?

A. Control risk is the same as inherent riskB. Control risk is the risk that the auditor's procedures will not detect a misstatementC. Control risk is the susceptibility to misstatement without considering controlsD. Control risk is the risk that internal controls will not prevent or detect a material misstatement

General10 MCQs

6. What is detection risk?

A. Detection risk is the risk that the client will not provide evidenceB. Detection risk is the risk that the auditor will not detect a material misstatementC. Detection risk is the same as control riskD. Detection risk is the risk of fraud

7. How can the auditor reduce detection risk?

A. Detection risk is fixed and cannot be changedB. Detection risk is only affected by the client's controlsC. Detection risk can be reduced by increasing the scope of audit proceduresD. Detection risk is reduced by lowering materiality

8. At what levels are risks of material misstatement assessed?

A. Risks are assessed at the financial statement level and assertion levelB. Risks are assessed only at the financial statement levelC. Risks are assessed only at the assertion levelD. Risks are not assessed by the auditor

9. How does the auditor respond to assessed risks?

A. The auditor responds to assessed risks by ignoring themB. The auditor uses the same procedures regardless of riskC. The auditor responds to assessed risks by increasing the feeD. The auditor responds to assessed risks by designing procedures that address those risks

10. How does materiality relate to audit risk?

A. Materiality is not related to audit riskB. Materiality and audit risk are inversely related: lower materiality requires more evidence and lower detection riskC. Materiality and audit risk are directly relatedD. Materiality does not affect the audit approach

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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