A(n) ________ involves a complete count of each element in a population

Which of the following statements describes why a properly planned and performed audit may not detect a material misstatement due to fraud?

A. Audit procedures that are effective for detecting an error may be ineffective for detecting fraud that is concealed through collusion. B. An audit is designed to provide reasonable assurance of detecting material errors, but there is no similar responsibility concerning material fraud. C. The factors considered in assessing the risk of material misstatement indicated an increased risk of intentional misstatements, but only a low risk of errors in the financial statements D. The auditor did not consider factors influencing audit risk for account balances that have effects pervasive to the financial statements as a whole.

From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused by

A) speculators. B) an increase in subprime loans, which increased demand for new and existing houses. C) both A and B. D) None of the above are correct.