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The risk that material misstatement will not be prevented ordetected on a timely basis...

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Accounting

The risk that material misstatement will not be prevented ordetected on a timely basis by internal controls can be reduced tozero by having effective controls in place. True or false?Explain.

Answer & Explanation Solved by verified expert
4.3 Ratings (732 Votes)
False Because the Control risk can never be zero because internal controls cant provide absolute assurance that all material misstatements will be prevented or detected Control    See Answer
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In: AccountingThe risk that material misstatement will not be prevented ordetected on a timely basis by...The risk that material misstatement will not be prevented ordetected on a timely basis by internal controls can be reduced tozero by having effective controls in place. True or false?Explain.

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