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Can an auditor control audit risk

Assignment Help Auditing
Reference no: EM131914717

1. Research online and identify eight factors relating to a clients business and environment which are important to the auditor in assessing audit risks facing the audit client

a. Discuss your findings with your colleagues, explaining why you think these are significant.

2. Audit risk is the risk of material misstatement in expression of an audit opinion.

Can an auditor control audit risk? If yes, what can an auditor do to reduce overall audit risk?

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The paper is basically providing the answer to the questions that are based on the audit risk and auditing. The paper discusses the eight factors of the client business and the environment that allow the auditor to access the audit risk faced by the clients. The discussion on the significance of these factors is also provided within the paper. Furthermore, the paper discusses on the audit risk in the term of the audit opinion. It shows the process of auditor for controlling the audit risk of the client. The auditor has to look for the inherent risk, detection risk, as well as the control risk, is being identified by the auditor. It is also discussed that the risk can be easily lowered by the maintaining the mathematical figure and the calculation that is associated with the audit.

Reference no: EM131914717

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