According to the International Professional Practices Framework,risk is:
I.Defined as the negative effect of events that are expected to occur.
II.Measured in terms of consequences.
III.Measured in terms of likelihood.

• A.I,II,and III.
• B.II and IIIonly
• C.Ionly
• D.I and IIonly

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Which of the following is a benefit from reduced testing during a particular phase of an audit engagement?

• A.The level of planned audit risk is lowered.
• B.There is less concern about assessing inherent risk.
• C.The size of the internal audit activity can be reduced.
• D.Additional audit hours are available for pursuing other engagement objectives.

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