Audit risk

• Obtain understanding of accounting and internal control systems.
• Sufficient to plan audit and develop effective audit approach.
• Professional judgement to assess "audit risk "components.
• Design procedures to ensure it's reduced to an acceptable low level.

"Audit risk": risk that auditor may give an inappropriate opinion on financial statements. Also called the "ultimate risk"

 

Posted Date: 9/3/2013 3:20:03 AM | Location : United States

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